DESCRIPTION
In this module, the material focuses on a basic introduction of the different types of business tax returns. The material includes a detailed review of Forms 1120, 1120S, and 1065. The module focuses on the taxation of each type of entity, concluding with an optional game called “Who Am I?” which discusses numerous characteristics of the different types of business entities. There is an optional set of discussion questions focused on the relationship between the entity and its owners .The session emphasizes collaborative analysis and practical classification rather than technical computation.
LEARNING OBJECTIVES
- Describe the fundamental tax characteristics that distinguish C corporations, S corporations, and partnerships.
- Articulate key distinguishing tax and structural features of C corporations, S corporations, and partnerships during facilitated group discussions.
- Compare entity-level taxation and pass-through treatment by referencing specific characteristics in collaborative discussions.
