Clients want help with present and future business services. Which tax planning strategies will you provide for your corporate and small business clients? Updated for the latest legislation and IRS guidance on tax reform, this course answers the tough questions and shows you what strategies are best for your clients. We use a case-study approach to explore opportunities for businesses and how the tax practitioner can continue to add value for their clients. Discussions will include traditional and new planning opportunities as a result of the latest tax legislation, including the SECURE 2.0 Act, and IRS guidance.
DESIGNED FOR
Tax professionals with small business clients
BENEFITS
- Identify important tax considerations for the small business at each stage of its life.
- Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
- Recall the tax treatment of fringe benefits granted to partners and S corporation shareholders.
- Recall the tax implications of contributions by new investors to a corporation and partnership.
- Identify the benefits and structures of buy-sell agreements for small business owners.
HIGHLIGHTS
Starting a business — the tax life of a business
Selecting a business entity type
Section 199A and the Qualified Business Income deduction
Accounting methods
Reasonable compensation issues
Depreciation, Section 179, and bonus depreciation planning considerations
Retirement planning
Buy-sell and noncompete agreements
Tax considerations when selling a business
Partnership hot assets and other look-through provisionsCOURSE LEVEL
Intermediate
PREREQUISITES
Basic knowledge of business taxation
ADVANCE PREPARATION
None