Course ID: TSETPSC

Tax Planning for Small Businesses – Tax Staff Essentials

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.


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 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.

MAJOR TOPICS
  • 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

FIELD OF STUDY
Taxes

PREREQUISITES
Basic knowledge of business taxation

COURSE PRODUCER
AICPA

CPE CREDITS
8.0

LEVEL
Intermediate

This course is available for your group as:

Group Live
 

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