This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little-known estate planning techniques. The program covers step-by-step tax procedures to form, operate, and ultimately dispose of a closely held corporation. Distinctions between S and C corporations will be unraveled and guidelines for client direction given.
Learning Objectives
- Specify the advantages and disadvantages of sole proprietorships including self-employed taxes and payment requirements and identify the characterization of sole proprietorship assets upon disposition.
- Recognize partnerships and their advantages and disadvantages, identify partnership taxation particularly the application of the passive loss (469) and at-risk rules (465), and determine correct partnership income or loss reporting stating the role of husband and wife partnerships and limited partnerships.
- Identify the reporting requirements of estates, trusts, and unincorporated associations, determine what constitutes a "corporation" for a subchapter S or regular corporation, specify the characteristics of a personal service corporation, and recognize the repeal of the alternative minimum tax for regular corporations.
Major Topics
- Business Forms & Characteristics
- Corporate Formation & Capitalization
- Corporate Principals & Employees
- Basic Fringe Benefits
- Business Entertainment
- Insurance
- Retirement Plans
- Nonqualified Deferred Compensation
- S Corporations
- Business Dispositions & Reorganizations
