Course Description

One of the first things that you need to do when you start a business is pick out an entity type.  However, the type of entity that you choose can have a significant impact on your tax situation. Self-employment taxes, the QBI deduction, and other factors need to be considered. In this course, we will explore the basic tax implications of choosing various entity types. We will discuss the differences between flowthrough and standalone entity types, including both tax and practical considerations – all so you can make the best decision possible for your business!

Learning Objectives

  • Identify the basic tax characteristics of flow-through and standalone entities

  • Recall the calculation of self-employment taxes

  • Recognize how a taxpayer may benefit from the QBI deduction (Sec 199A)

Additional Required Materials

  • Level: Intermediate

  • Field of Study: Accounting

  • Who Should Attend: Small business owners and bookkeepers who want to better understand how the choice of entity affects tax issues and tax strategy

  • Required Knowledge: None

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.