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Tax Planning for Small Businesses

Wednesday, November 2 12:30pm - 4:00pm

(Check-In 12:00pm)

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Hilton Garden Inn

3720 N Reserve St
Missoula, MT 59808

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4.00 Credits

Member Price $138.00

Price will increase by $25 after 10/12

Non-Member Price $163.00

Price will increase by $25 after 10/12

Overview

All materials will be electronic only

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.

Highlights

  • 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

Prerequisites

Basic knowledge of business taxation.

Designed For

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

Objectives

When you complete this course you will be able to:

  • 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 tax-efficient manner.

Preparation

None

Leader(s):

Leader Bios

Gregory Carnes

Gregory Carnes Florence, AL Dr. Gregory Carnes serves as Dean of the College of Business at the University of North Alabama. He came to UNA in 2007 as the Raburn Eminent Scholar of Accounting. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy, and Secretary of the American Taxation Association. Dr. Carnes has also served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers, and The CPA Journal. He is a contributing author on South-Western Federal Taxation: Individual Income Taxes, a popular textbook used in undergraduate taxation courses. He also authors material for Wiley/CPA Excel, one of the nation’s leading CPA Review courses. He has also provided tax training for national accounting firms and the AICPA. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs, and the American Taxation Association.

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Non-Member Price $163.00

Member Price $138.00