Early Bird Fees (through 8/13)
After 8/13, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE
Prerequisites: Experience with business clients
Advanced prep: None
Who should attend: CPAs who wish to get a broader insight into tax planning by understanding the significant mistakes professionals can make and how to avoid them
If only we could see ourselves as others see us. Learn the traps practitioners fall into – before you make the mistake. Attend this enjoyable yet very informative course that will explore, in a practical way, the top errors made in compliance and tax planning for business entities. The focus of this course is how to avoid these missteps and plan for a better tax result. Practitioners will benefit from a wealth of knowledge that can be applied to their practice.
• Recognize business transactions that have significant tax effects and the need to do proper tax planning.
• Be aware of the most substantial mistakes that practitioners can make in dealing with the tax aspects of businesses
• Delve into the unique pitfalls inherent in using any entity structure in operating a business, including: – Is there “flexible standard of law” regarding closely held entities? – S Corporations: Finding hidden gains in Schedule K-1 due to lack of basis and failure to structure debt correctly; big mistakes if you do not plan correctly in a liquidation; what is reasonable compensation to shareholder employees; distributions and unwanted tax liabilities; failure to make proportionate contributions and distributions; and much more! – LLCs and partnerships: when you can’t take wages; good tax debt vs. bad tax debt; ignoring the operating agreement if special allocations do not meet the substantial economic test; failure to recognize taxation on service partners; breakdown in distinguishing between a draw and a guaranteed payment; oversight in not taking into account limitations at the entity level; pension issues; and much more! – C Corporations: Keeping a stock redemption a capital transaction; why small business owners should consider taking dividends; what is unreasonable compensation and is it important today; getting hit with double taxation; and much more!
• Discover the tricks and traps in: – Travel and entertainment: the IRS has won battles denying tax deductions in this arena. It takes planning and skillful documentation to win. See the big mistakes and how to fix them. – Related party transactions: explore business issues and the significant tax problems that can occur with failure to recognize a related party transaction.
• Keep an eye on the future; sometimes we need to reevaluate entity choices.