Tax Planning for Small Businesses

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-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.

Learning 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 share-holders.
• 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

Topics Discussed: 

• 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
  

Designed For: 

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

Level: Intermediate

Instructor: Deborah Phillips

Developer: AICPA

CPE Credits: 4

Area of Study: Taxes 4

Prerequisite: Basic knowledge of business Taxation