Tax Planning for Small Businesses - Tax Staff Essentials

Description

Clients want help with present and future business services. Which tax planning strategies will you provide for your corporate and small business clients? Updated with the latest legislation and IRS guidance on tax reform, this course answers the tough questions and shows you what strategies are best for your clients. We use 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 SECURE 2.0 and related regulations, as well as IRS guidance.

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

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.
  • Analyze which activities of a taxpayer are subject to self-employment taxes

Designed For

Tax professionals with smallbusiness clients

Leaders

W Dowis

Dr. W. Brian Dowis is an assistant professor of accounting in the Georgia Southern University School of Accountancy where he teaches financial accounting, managerial accounting, corporate taxation, and pass-through taxation.

Before coming to academia, Dr. Dowis worked in public accounting in Charlotte, NC working for Ernst and Young, LLP. Dr. Dowis’s role focused on state and local tax and compliance. He has served as a board member for an entity in Statesboro.

Dr. Dowis is an accomplished speaker and has authored articles and been a contributing author on a comprehensive tax textbook.