Modern planning ideas and tax-saving strategies to help guide your small business clients.
DESIGNED FOR
Tax professionals with small-business clients
BENEFITS
- Identify important tax considerations for the small business at each stage of its life.
- Differentiate the advantages available for small businesses based on entity type.
- Interpret the rules for deducting organizational and startup costs.
- Apply the four tiers of business losses for noncorporate taxpayers.
- Analyze which activities of a taxpayer are subject to self-employment taxes.
- Determine the tax implications of loans to and from owners of a business.
- Identify the benefits and structures of buy-sell agreements for small business owners.
- Identify the advantages of different retirement plans available to small businesses.
HIGHLIGHTS
The tax life of a business
Selecting a business entity type
Section 199A and the qualified business income deduction
Accounting methods
Compensation of owners and hiring family members
Reasonable compensation
Depreciation, including Section 179 and bonus depreciation
Transactions with owners
Buy-sell and noncompete agreements
Retirement plan strategies for late-stage business owners
Starter 401(k) plans and SIMPLE plan enhancements
Provisions of H.R. 1, commonly referred to as OBBBAPREREQUISITES
Working knowledge of business taxation
ADVANCE PREPARATION
None