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

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