Tax Planning for Small Businesses
Answer the tough questions and understand what strategies are best for your clients as a result of the most recent tax legislation.
Format
Webcast
Date
May 24, 2021
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
4
Author(s)
David Randall Peters
Availability
Product Number
VTSETPSC21050
What tax planning strategies will you provide for your corporate and small business clients?
Explore state-of-the-art planning ideas and tax-saving strategies to keep more of your clients’ money in their pockets. Updated for the latest legislation and IRS guidance on tax reform, this webcast answers the tough questions and shows you what strategies are best for your clients as a result of the most recent tax legislation.
Key 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
Learning Outcomes
- Identify important tax considerations for small businesses 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 of 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 the appropriate tax accounting method 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
Who Will Benefit
- CPAs looking for innovative tax planning and savings techniques to solve client's problems
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