Tax Planning for Small Businesses - Tax Staff Essentials
4.00 Credits
Member Price $225.00
Non-Member Price $269.00
Overview
Tax planning strategies for now and then
Clients want help with present and future business services. Which tax planning strategies will you provide for your corporate and small business clients?
Course materials are updated for the latest legislation and IRS guidance. They provide the information needed to answer tough questions and show you the best strategies for your clients.
Materials are updated for the following tax changes:
- Required minimum distribution (RMD) requirements
- 529-to-Roth IRA and 529-to-ABLE rollover availability
- Increased SIMPLE plan catch-up contribution limits
- The Starter 401(k) plan for small businesses
Meet the needs of small businesses at every stage
Even though the materials focus on taxes, taxes are only one of many considerations a small business owner must make when forming a new entity.
The course covers common small business matters at different stages in the business lifecycle:
- Growth stage
- Maturity stage
- Late-maturity stage
- Decline stage
Content for all entity types
What do you need to do to form a sole proprietorship, partnership, or other type of entity? As we address this question, you will consider the nuances of each entity structure.
Highlights
· Starting a business — the tax life of a business
· Selecting a business entity type
· SECURE Act 1.0 and 2.0
· 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
Prerequisites
Experience with S corporation tax return preparation
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.
· Differentiate the advantages available for small businesses based on entity type.
· Apply the four tiers of business losses for noncorporate taxpayers.
· Analyze which activities of a taxpayer are subject to self-employment taxes.
Leader(s):
Leader Bios
William Murphy, AICPA
Mr. Murphy is Director of Entrepreneurial and Tax Services and is the majority shareholder of Murphy & Company, P.C. The Firm of Murphy & Company, P.C. emphasizes providing tax and financial services to corporations and professional practices in the state of Indiana. Mr. Murphy has been associated with both local and national CPA firms with involvement and specialization in taxation, auditing, and small business development. Mr. Murphy graduated from Butler University with honors in 1973. He has been a lecturer on the accounting faculty at the University of Indianapolis and Marion College in Indianapolis. Mr. Murphy has also been appointed to and currently serves on the Butler University Board of Visitors for the School of Business. Prior to Mr. Murphy’s formation of Murphy & Company, P.C., he was owner of the firm William F. Murphy & Company and was former director with the Indiana Attorney General’s Office. He serves as Chairman of the Ethics Committee for the Indiana CPA Society, and is a Registered Representative with NASD Series 6 and Series 7 Registration and holds an Insurance License. Mr. Murphy has appeared as an expert witness in numerous cases involving marital and business disputes and has lectured extensively on valuation and tax issues for the National Business Institute, Professional Education Systems, Inc., Indiana Continuing Legal Education Forum, Indiana CPA Society, American Institute of Certified Public Accountants, National Association of Certified Valuation Analysts, as well as for other local continuing educational programs.
Non-Member Price $269.00
Member Price $225.00