Tax Planning for Small Businesses - Tax Staff Essentials

Overview

Modern planning ideas

Modern planning ideas and tax-saving strategies to help guide your small business clients.

Course Instructor: William Murphy

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

Working 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.
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.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA (do_not_reply@on24event.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.