Tax Planning for Small Businesses

Clients want help with present and future business services.

Which tax planning strategies will you provide for your corporate and small business clients? This course explores 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 course answers the tough questions and show you what strategies are best for your clients.

The entire course is designed around the idea that the needs of the small business owner change as the business moves through the business life cycle. The idea is that even though this is a tax course, taxes are only one consideration of many that must be considered when forming a new entity.

Throughout the course, we will discuss different entity types. "What do you need to do to form a sole proprietorship, partnerships, or other type of entity?"

You will think about the nuances of each entity structure as we address this question.

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 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 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.
• 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.

Who Will Benefit

• Tax professionals