Provide insightful recommendations for the challenges faced by your closely held business clients. Employ smart business decisions that will minimize the tax burden, not only on the business, but also on the owners. The concepts are uniquely laid out in the course to allow you to easily and quickly identify those tax-saving strategies that fit your client’s situation.
Course ID: CL4CHTX
Practical Tax Tips and Techniques for Closely- Held Businesses
- Recall the pros and cons, for federal tax purposes, of choosing a business entity type.
- Recognize how profits, losses, and the contribution of assets affect capital accounts, “inside” basis, and “outside” basis.
- Recall significant considerations concerning strategies relating to benefits, choice of entity, basis considerations, financing alternatives, passive activity, cancellation of debt, bankruptcy, and compensation.
- Recognize payments that are classified as guaranteed payments under Subchapter K.
- Identify the tax attributes that must be reduced when there is an exclusion of income from the cancellation of debt.
- Entity options
- Retirement plans and deferred compensation
- Passive activities and at-risk issues for closely held buisnesses
- Maintaining Shareholder and Partner Capital Accounts and Basis
- Compensation and employee benefits for business owners
- Cancellation of debt, bankruptcy, and their effect on tax attributes