• identify in general terms the nature of the tax liabilities that apply to the six most commonly used types of business entities under the United States tax code
• identify the advantages and disadvantages of selecting each of the six available entities for the structure of a business operation
• identify the time period that must generally elapse before a business that has elected to change its classification can make a new election, and recognize circumstances in which this time period requirement may be waived
• identify the method and form used to elect S corporation status, including the date that the election becomes effective under different circumstances
• identify the four main characteristics required by an organization that wishes to obtain and maintain tax-exempt status

Tax Year: 2023

CPAs, EAs, and other finance, accounting, and tax professionals