Decoding Financial Statements & Tax Returns for Different Business Entities Mandatory 2 Part Series 10/17 & 10/24
We will examine a small business and first look at financial results using accrual method accounting with the firm as a C corporation.
From there, we’ll recast the numbers with cash accounting, then look at financial results as a sole proprietorship, a partnership or limited liability company (LLC), then as an S corporation.
Issues Covered Include:
- What are the typical goals of business owners when they decideon a legal entity structure?
- What is the “double tax” that is such a big negative for C corporations?
- What are the advantages and disadvantages of the most common legal structures?
- C corporations
- Sole proprietorships
- Partnerships and LLCs
- S corporation
- What are key features of financial statements and tax returns of these same structures?
- Steps in reconciling “ordinary income” on a pass-through entity tax return to net income on the internal financial statement.
- Overview of pass-through entities and the role of Schedule K-1s.
- Advantages and disadvantages, from a taxation standpoint, of how owners take out cash and/or recognize income (loss).
- A methodology for bringing in either distributed or distributable cash flow from a business into personal or global cash flow.
Community bankers, private bankers, small business lenders, commercial lenders, credit analysts, loan review specialists, special assets officers, lending managers & credit officers involved in the business lending process.
Richard Hamm has been training bankers for 25 years, including both creating and teaching courses for the ABA and the RMA, plus regional banking schools, numerous state banking and community banking associations and individual banks. While specializing in all phases of lending and credit, he also covers “top of the bank” issues & provides director training.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $525.00 | Non member price $1050.00
Member price: $565.00 | Non member price $1130.00
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