Clients want help with present and future business services. Which tax planning strategies are best for corporate and small business clients? Updated with the latest legislation and IRS guidance on tax reform, this course answers the tough questions and shows participants which strategies are best for these clients. It uses a case-study approach to explore opportunities for businesses and how the tax practitioner can continue to add value for their clients. Discussions will include traditional and new planning opportunities due to the latest tax legislation, including H.R. 1, commonly referred to as OBBBA, SECURE 2.0, as well as regulations and other guidance from the IRS and U.S. Treasury Department.
Learning 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
Major Topics
- The tax life of a business
- Selecting a business entity type
- Section 199A and the qualified business income deduction
- Accounting methods
- Compensation of owners and hiring family members
- Reasonable compensation Depreciation, including Section 179 and bonus depreciation
- Transactions with owners
- Buy-sell and noncompete agreements H.R. 1, commonly referred to as OBBBA
- SECURE 2.0
- Retirement plan strategies for late-stage business owners
- Starter 401(k) plans and SIMPLE plan enhancements
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