Explain to her how her tax return reporting should be done as well as how tax obligations will need to be handled.

1.”Legal Entities”

Sole proprietors, C Corporations, S Corporations, Partnerships, LLC’s… who knew there were so many choices when setting up your small business? The chapter does an excellent job highlighting the differences between entity types. Describe a small business that you are familiar with and consider what type of entity might work best for them and why. Discuss some of the tax and non-tax characteristics of your entity choice.Then, describe a situation in which a taxpayer would choose this type of entity by providing an example. Explain your rationale for choosing the specific type of legal entity and discuss the advantages and disadvantages.

2. “Financial Accounting Income vs. Taxable Income”

• Your new client, Barbara, has just formed a new corporation that provides consulting services to couples contemplating marriage. Help Barbara understand her company’s financial situation better by identifying two items of income and two items of expense that cause a company’s financial income to be different than its taxable income. Explain to her how her tax return reporting should be done as well as how tax obligations will need to be handled.

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