Mastering BizTax: Entity Types & Accounting Methods | EPISODE 1 | Borderless Accountants

Описание: Welcome to the very first day of the US Business Tax Preparation Course, brought to you by Borderless Accountants! This session kicks off our deep dive into business taxation, starting with the fundamentals.

We cover the critical differences between business entity types (Sole Proprietorship, LLC, S-Corp, C-Corp) , how to identify a "disregarded entity" , and why the NAICS code matters. We then explore accounting methods (Cash vs. Accrual) and accounting periods (Calendar vs. Fiscal) , showing how these concepts appear in tax software like ProConnect.

This course combines theory from Gleim EA review materials with practical software application, designed to help you become both a tax preparer and prepare for the Enrolled Agent (EA) exam.

0:00:00 Introduction to the Course
0:00:46 Opening Prayer
0:02:03 Welcome & Course Ground Rules
0:04:49 How to Use the Class Shared File
0:09:26 Quote for the Day: "If others can, why can't I?"
0:12:48 Tech Tip: How to Use Loom Screen Recorder
0:22:09 Start of Business Tax Lesson 1
0:22:34 Course Resources: Gleim EA Materials & BA Website
0:32:49 Study Unit 1: Business Entity Types Explained
0:35:32 Clarification: Single-Member LLCs (Disregarded Entities)
0:42:35 NAICS Codes Explained
0:43:17 Software Demo: NAICS Code in ProConnect
0:46:38 Quiz: Entity Types
0:50:17 Study Unit 1: Accounting Methods (Cash vs. Accrual)
0:56:20 Software Demo: Accounting Methods in Tax Returns
1:02:26 Quiz: Accounting Methods
1:06:01 Study Unit 1: Inventory Valuation (FIFO, LIFO, LCM)
1:11:42 Quiz: Inventory Methods
1:17:24 Q&A: How to Treat Inventory Losses for Taxes
1:21:22 Study Unit 1: Accounting Periods (Calendar vs. Fiscal Year)
1:27:22 Quiz: Accounting Periods
1:33:39 Conclusion & Advantages of US Tax Practice
1:38:41 Closing Prayer