Tax Planning for Small Businesses – Tax Staff Essentials (4 hours)

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Overview

Modern planning ideas and tax-saving strategies to keep more of your clients’ money in their pockets.

Highlights

Starting a business - the tax life of a business

Selecting a business entity type - Section 199A and the Qualified Business Income deduction

Accounting methods

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

Tax professionals with small-business clients

Objectives

Identify important tax considerations for the small business at each stage of its life.
Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
Recall the tax treatment of fringe benefits granted to partners and S corporation shareholders.
Recall the tax implications of contributions by new investors to a corporation and partnership.
Identify the benefits and structures of buy-sell agreements for small business owners.

Notice

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