This course identifies tax planning strategies for small business clients throughout
the different life cycles of the business. We will use a case-study approach to
explore opportunities for businesses and how the tax practitioner can continue to
add value for their clients. Discussions will include traditional and new planning
opportunities as a result of the latest tax legislation and IRS guidance.
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.
- Recognize how depreciation may be used in business tax planning.
- Calculate basis for partnerships and S corporations.
- Choose the correct tax treatment for fringe benefits granted to
partners and S corporation shareholders.
- Compare IRS concerns regarding reasonable compensation for an S
corporation owner versus a C corporation owner.
- Recall the tax treatment of contributions to a business entity by new
investors.
- Recognize the tax treatment of distributions to small business
owners.
- Analyze a client's need for a buy-sell agreement.
- 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 taxefficient
manner.
Major Topics
- Starting a business
- choice of entity and the tax life of a business
- Selecting a business entity type
- Section 199A and the Qualified Business Income deduction
- Accounting Methods
- Self-employment taxes and entity type
- Reasonable compensation issues
- Depreciation, Section 179, and bonus depreciation planning
considerations
- Retirement planning
- Buy-Sell and Noncompete agreements
- Tax considerations when selling a business
- Partnership hot assets and other look-through provisions
