The focus of this course is on business tax changes and problem coverage. Vern & Sharon cover the latest tax changes and explains their 'problem focus explanation,' where they hone in on the latest IRS attacks on small business issues. This class provides an in-depth look at the tax organization, filing, and compliance issues for all three of the major forms of business entities. The discussion of S corporations includes elections, late 'S' election, allowed shareholders, basis rules, distributions, and accounting issues. The discussion of C corporations provides guidance on tax operating characteristics of the C corporation including accounting methods, choice of year-end, capital losses, net operating losses, and a summary of consolidated return rules. Our LLC/partnership discussion includes organizational income tax elections and definitions and then moves to a completed example Form 1065. Also discussed is converting an LLC to an S corporation, with an example election provided.