CCH has added Smart Charts, checklists and decision trees to its Business Entity Planning Library to provide further guidance to tax practitioners analyzing and comparing the entities used by small- and midsized businesses.

A Choice of Entity Smart Chart assists practitioners in choosing the right entity and provides a summary of the issues. Users select the entity types, and they can compare tax treatments across 21 major federal tax issues and across state factors relating to formation, operation, personal liability and many other aspects of selecting the form of business. Entries include links to the Tax Code and detailed explanations.

A Comparison of State LLC Acts Smart Chart allows users to find and compare the key provisions of each state’s LLC Acts, selecting from 18 topics. It also links to state laws and CCH explanations. The chart includes each jurisdiction’s tax treatment, LLC filing fees, initial filing and annual reporting requirements.

A State Business Filing Websites Smart Chart allows users to link directly to the forms for business entity filings in every state and the District of Columbia.

Charts can be saved, and when refreshed, the data will automatically update and highlight any changes that have occurred. Smart Charts can be exported to Microsoft Word or Excel for distribution and use in client communications.

In addition to the Smart Charts, the latest enhancements also include a set of Partnership Taxation Questions and Answers, in chart form, to provide answers to questions dealing with partnership taxation. Those include areas such as family partnerships, contributions to a partnership, transactions between a partner and the partnership, and disposing of a partnership interest.

Business Entity Planning Checklists help with entity formation, partner and partnership elections and decisions, such as if a partnership is eligible to use the cash method or if an activity is considered passive.

A Determining Tax Status of a Business Entity Decision Tree helps determine the tax status of an entity under the Internal Revenue Code.

A C Corp Request to Change to an S Corp Decision Tree guides the practitioner through the procedural steps and identifies the IRS requirements.

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