Compass Tax Educators

The tax law provides many different options for how a business entity may be treated for federal tax purposes. This course reviews all the different possibilities, including how to make any required elections and the tax consequences of making those elections. Resolving common problems such as late entity elections and undoing entity elections will also be discussed.

Learning Objectives

• Summarize the entity classification options available for spousal businesses.
• Describe how a corporation makes a timely or late S corporation election.
• Explain the default classification and election opportunities for domestic eligible entities, such as a limited liability company.
• Explain the default classification and election opportunities for foreign eligible entities.