Foundations of Tax - Module 3
In this module, the different types of entities that accomplish both tax-related and non-tax-related goals are discussed. Students explore how flow-through entities, such as LLCs, LPs, and S-Corps, and non-flow-through entities, such as C-Corps, achieve goals for business owners. In addition, an overview is provided of private foundations and public charities, including their pros and cons, and the key differences between the two to help guide philanthropic goals.
Estimated Completion Time: 1.5 hours
Featured Resources:
Articles/Books
- Exempt Purposes-Internal Revenue Code Section 501(c)(3)
- Return of Organization Exempt From Income Tax Form 990
- "Donor-Advised Funds" by Investopedia
- "What is the Internal Revenue Service (IRS)? How Auditing Works" by Troy Segal
- Community Foundation Map Locator from the Community Foundations National Standards website
- "Schedule K-1 Tax Form for Partnerships: What to Know to File" by Nick Zaryzcki
- "What is a Schedule K-1 Tax Form?" by Turbo Tax
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