Ch 16: Advising Business Taxpayers

About This Chapter

This collection of lessons and quizzes examines a variety of business taxpayer advising concepts. You can access these study resources whenever you need to prepare for an exam, catch up in a class or improve your grades.

Advising Business Taxpayers - Chapter Summary

Follow along with our expert instructors to review information related to advising business taxpayers. The chapter's lessons break down basic tax advising concepts, including comingling, business taxpayer obligations, business record classification, deductions, credits and more. By the end of the chapter, you should be able to:

  • Identify several business taxpayer obligations
  • Define the concepts of comingling and related party activity
  • Select a business entity and business accounting method
  • Acknowledge the tax implication of business asset transfers
  • Summarize the business cycle
  • Recognize different types of business records and employee classifications
  • Understand business tax planning considerations regarding deductions, compliance and credits

We've designed these lessons to be simple, memorable and concise, so you can quickly complete the chapter and remember what you study. Our instructors are available to answer any questions you may have, and you can access the chapter at any time that fits your schedule. Your course dashboard keeps track of your progress throughout the chapter, and the material can be revisited as many times as needed.

6 Lessons in Chapter 16: Advising Business Taxpayers
Test your knowledge with a 30-question chapter practice test
Business Records Classification & Categories

1. Business Records Classification & Categories

Successful businesses have a records management system in place to keep their records current and accessible. Learn about the different categories of business records and how they are classified.

Selecting a Business Entity: Tax Benefits & Detriments

2. Selecting a Business Entity: Tax Benefits & Detriments

In this lesson, we will review the tax considerations when establishing a business entity, including sole proprietorship, partnerships, corporations, and limited liability companies.

Comingling in Business: Avoidance & Best Practices

3. Comingling in Business: Avoidance & Best Practices

What is comingling in business? Is it really all that bad? Find out in this lesson as we define comingling as well as the ways by which you can avoid it.

The Business Cycle: Economic Performance Over Time

4. The Business Cycle: Economic Performance Over Time

Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.

Types of Employee Classification

5. Types of Employee Classification

We'll discuss four main types of employees: full-time, part-time, on-call and intern. We'll also define 'independent contractor' and discuss the difference between independent contractors and employees.

Tax Planning for Businesses: Deductions, Credits & Compliance

6. Tax Planning for Businesses: Deductions, Credits & Compliance

In this lesson, we will explore how planning for taxes by taking advantage of deductions and credits can reduce a business' tax bill. We will also briefly discuss how these strategies may require additional compliance under the Affordable Care Act.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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