December 2024 TAXPRO Exam
1 CPE for AFSP, EA, CRTP
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Summary
As a trusted business advisor, tax professionals are in a unique position to make recommendations that accompany a change in entity structure. Two common changes that business owners may consider making are switching their business entity from a C corporation to an S corporation, and from a C corporation to a limited liability company (LLC) taxed as a sole proprietorship. Each of these changes comes with a set of benefits and tax implications. It is crucial that you conduct a comprehensive analysis and educate the client on the ramifications. One structure is not necessarily better than another. The needs of each business should be assessed, and the advantages and disadvantages of each structure must be considered.
Objectives
Upon completion of this course, you will be able to:
- Identify why a C corporation may want to be taxed as an S corporation
- Explain the items to consider when a C corporation may want to be taxed as an S corporation
Exam Details
Materials will include Entity Conversion - Tax Implications article, printable exam questions for study purposes and the online exam. CPE will be issued after the exam is successfully completed.
Course Year: 2024
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: QAS Self Study
| CPE Credits | Designation | Field of Study |
|---|
| IRS | 1 | AFSP | Federal Tax Law Topic
|
| IRS | 1 | EA | Federal Tax Law Topic
|
| NASBA | 1
| CPA | Taxes
|
| CTEC | 1 | CRTP | Federal Tax Law Topic
|
| CFP Board | 0 | CFP® | N/A |
How to Earn CPE
To receive credit for this article and exam, you must successfully pass the course exam with a score of 70% or better. We also recommend completion of the review questions and feedback provided with the article.
The course and exam will expire one year from the date of purchase.
Registration/Cancellation Policy
You must be a current Professional or Premium level member to register for this exam. To access this member benefit, register before November 2025. You have one year from registration to complete the course to earn CPE. Because this is an online education offering, it is nonrefundable.
