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Tax Planning for Small Business


Total Credits: 4 including 4 Taxes - Technical

Average Rating:
Not yet rated
Categories:
Tax
Course Levels:
Basic
Duration:
4
License:
Product Setting: Expires 90 day(s) after program date.

Dates


Tags: AICPA


Description

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Overview

What tax planning strategies will you provide for your corporate and small business clients? This course explores state-of-the-art planning ideas and tax[1]saving strategies to keep more of your clients’ money in their pockets. Updated for the latest legislation and IRS guidance on tax reform, this course answers the tough questions and show you what strategies are best for your clients as a result of the most recent tax legislation.

Who should attend

CPAs looking for innovative tax planning and savings techniques to solve client problems

Details

Objectives:

  • Identify important tax considerations for the small business at each stage of its life.
  • Differentiate entity type options available for small businesses.
  • Calculate the Qualified Business Income deduction under Section 199A.
  • Identify the pros and cons choosing an entity type after passage of the Tax Cuts and Jobs Act
  • Choose the correct tax treatment for fringe benefits granted to partners and S corporation shareholders.
  • Choose the most effective strategy for depreciation of business tangible property.
  • Compare IRS concerns regarding reasonable compensation for an S corporation owner versus a C corporation owner.
  • Apply tax knowledge to help create an efficient and effective estate plan for a client.
  • Analyze a client’s need for a buy-sell agreement.
  • Select a tax accounting method that is appropriate for a particular business.
  • Recognize tax issues involved in the exit of a shareholder from a corporation.
  • Select among ways to dispose of or liquidate a business in a tax-efficient manner.

Major Topics:

  • Starting a business—the tax life of a business
  • Selecting a business entity type
  • The Tax Cuts and Jobs Act
  • Section 199A and the Qualified Business Income deduction
  • Accounting Methods
  • Compensation of owners—hiring family members
  • Reasonable Compensation
  • Depreciation, Section 179, and bonus depreciation
  • Transactions with owners
  • Buy-Sell and Noncompete agreements
  • Exiting the business—special exit techniques

E-materials

Any e-mail materials will be available for download under the Handouts Tab. Hard copies will not be provided.

Advanced preparation

None

Course level

Intermediate

Prerequisite

Basic knowledge of business taxation

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