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The Top 50 Business Tax Mistakes Practitioners Make and How to Fix Them (BTBB)
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If only we could see ourselves as others see us. Learn the traps practitioners fall into – before you make the mistake. Attend this enjoyable yet very informative course that will explore, in a practical way, the top errors made in compliance and tax planning for business entities. The focus of this course is how to avoid these missteps and plan for a better tax result. Practitioners will benefit from a wealth of knowledge that can be applied to their practice.

11/21/2015
When: 11/21/2015
7:00 AM - 3:00 PM
Where: Webcast/Webinar
Presenter: Dennis Benvie, MS, CPA
Contact: April Deneault
801-834-6634


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If only we could see ourselves as others see us. Learn the traps practitioners fall into – before you make the mistake. Attend this enjoyable yet very informative course that will explore, in a practical way, the top errors made in compliance and tax planning for business entities. The focus of this course is how to avoid these missteps and plan for a better tax result. Practitioners will benefit from a wealth of knowledge that can be applied to their practice.

 

Objectives:

* Recognize business transactions that have significant tax effects and the need to do proper tax planning. * Be aware of the most substantial mistakes that practitioners can make in dealing with the tax aspects of businesses.

 

Major Subjects:

* Delve into the unique pitfalls inherent in using any entity structure in operating a business, including: - Is there 'flexible standard of law' regarding closely held entities? – S Corporations: Finding hidden gains in Schedule K-1 due to lack of basis and failure to structure debt correctly; big mistakes if you do not plan correctly in a liquidation; what is reasonable compensation to shareholder employees; distributions and unwanted tax liabilities; failure to make proportionate contributions and distributions; and much more! - LLCs and partnerships: when you can't take wages; good tax debt vs. bad tax debt; ignoring the operating agreement if special allocations do not meet the substantial economic test; failure to recognize taxation on service partners; breakdown in distinguishing between a draw and a guaranteed payment; oversight in not taking into account limitations at the entity level; pension issues; and much more! - C Corporations: Keeping a stock redemption a capital transaction; why small business owners should consider taking dividends; what is unreasonable compensation and is it important today; getting hit with double taxation; and much more! * Discover the tricks and traps in: – Travel and entertainment: the IRS has won battles denying tax deductions in this arena. It takes planning and skillful documentation to win. See the big mistakes and how to fix them. – Related party transactions: explore business issues and the significant tax problems that can occur with failure to recognize a related party transaction. * Keep an eye on the future; sometimes we need to reevaluate entity choices. * Selected practice and reporting issues
 

Designed For:  CPAs who wish to get a broader insight into tax planning by understanding the significant mistakes professionals can make and how to avoid them

Prerequisite:    Experience with business clients

Advanced Prep: None

  

Speaker:  Dennis Benvie, MS, CPA

Vendor: Surgent McCoy

Field of Study:   Taxes (8)

Level:     Intermediate

CPE Credit: 8 Hours

Acronym:      BTBB

 

Registration Fees:

$219

Register Here

 


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