This course will review the classification rules, the election options available, and relevant issues for each election, including eligibility, making the election, revoking the election, and late elections. Discuss the tax advantages and disadvantages of the sole proprietorship, partnership, S corporation, and C corporation and how to evaluate each type for a business. Guide you through the preparation of a partnership return using Form 1065. We will also review tips and tricks to make preparation of these returns efficiently and accurately. Along with the preparation of S-corporation returns using principles learned in the partnership return preparation course. We will also cover important S-corporation issues such as reasonable compensation and profit distributions.