Solid tax planning strategies are essential for your corporate and small business clients. Join us as we explore state-of-the-art planning ideas and tax-saving strategies to keep more of your client’s money in their pockets. We’ll answer the tough questions and show you what strategies are best for your clients as a result of the most recent tax reform. Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
Course ID: TSETPSC
Tax Planning for Small Businesses – Tax Staff Essentials
- 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.
- 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 FORCPAs looking for innovative tax planning and savings techniques to solve client problems
FIELD OF STUDY