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Technical

Tax Planning for Small Businesses - Tax Staff Essentials Logo aicpa

  Margaret F. Suralik, CPA/ABV, ASA |   Free |   AICPA |   May 2020 |   Taxes |   AICPA Store

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 clients’ 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 legislation.

Key Topics:

  • The tax life of a business
  • Retirement plans
  • Owner compensation
  • Transactions with owners
  • Tangible property—Depreciation and accelerated write-off methods
  • Recent developments
  • Proposed regulations

Learning Objectives

This course will prepare you to do the following:

  • Identify important tax considerations for the small business at each stage of its life.
  • Differentiate entity type options available for small businesses.
  • Identify timing of taxable income strategies that may work for your small business clients.
  • Analyze whether a taxpayer may claim the domestic production activities deduction (DPAD).
  • Choose a tax-saving retirement plan that best suits a small business.
  • Select an appropriate strategy for compliance with the Affordable Care Act employer provisions.
  • Select the appropriate taxes to withhold when hiring family members.
  • Compare IRS concerns regarding reasonable compensation for an S corporation owner versus a C corporation owner.
  • Differentiate the various ways in which LLC owners may be subject to self-employment taxes.
  • Choose the correct tax treatment for fringe benefits granted to partners and S corporation shareholders.
  • Analyze educational assistance provided to employees to determine whether it qualifies as a working condition fringe benefit.
  • Apply the tangible property regulations to client situations.
  • Choose the most effective strategy for depreciation of business tangible property.
  • Calculate allowable depreciation for a business use vehicle.
  • Identify opportunities for timing of IRC Section 1231 losses.
  • Identify the characteristics that establish economic substance for a loan transaction between a business and its owner.
  • Choose the correct tax treatment for a covenant not to compete that is entered in connection with the acquisition of a business interest.
  • 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.
  • Determine the tax consequences of divorce-related transfers of business interests.
  • Identify recent developments affecting the taxation of small businesses and their owners.

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Who Will Benefit?

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

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Find out more information on the Tax Section.

Topics covered:
  • Tax: Technical: S corporation income taxation: Election, termination & conversion, Advanced
  • Tax: Technical: S corporation income taxation: Shareholder transactions, Advanced
  • Tax: Technical: S corporation income taxation: Reporting & filing requirements, Advanced
  • Tax: Technical: Partnership taxation: Formation, transfers & termination, Advanced
  • Tax: Technical: Partnership taxation: Reporting & filing requirements, Advanced
  • Tax: Technical: Partnership taxation: Partner transactions, Advanced
Who Will Benefit?
  • CPAs looking for innovative tax planning and savings techniques to solve client problems
Key Topics
  • The tax life of a business
  • Retirement plans
  • Owner compensation
  • Transactions with owners
  • Tangible property—Depreciation and accelerated write-off methods
  • Recent developments
  • Proposed regulations
Learning Objectives
  • Identify important tax considerations for the small business at each stage of its life.
  • Identify timing of taxable income strategies that may work for your small business clients.
  • Choose a tax-saving retirement plan that best suits a small business.
  • Select the appropriate taxes to withhold when hiring family members.
  • Differentiate the various ways in which LLC owners may be subject to self-employment taxes.
  • Choose the correct tax treatment for fringe benefits granted to partners and S corporation shareholders.
  • Analyze educational assistance provided to employees to determine whether it qualifies as a working condition fringe benefit.
  • Choose the most effective strategy for depreciation of business tangible property.
  • Calculate allowable depreciation for a business use vehicle.
  • Identify opportunities for timing of IRC Section 1231 losses.
  • Choose the correct tax treatment for a covenant not to compete that is entered in connection with the acquisition of a business interest.
  • Apply tax knowledge to help create an efficient and effective estate plan for a client.
  • Determine the tax consequences of divorce-related transfers of business interests.

Save when you buy the complete Tax Staff Essentials, Level 4 online bundle.

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 course answers the tough questions and shows you what strategies are best for your clients as a result of the most recent tax legislation.

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