Webcast: Entity Choice Tax Considerations (XCECTX118)
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Consider the difference in tax consequences based on a decision to be either a partnership, S corporation or C corporation. Also, review the significant changes made by the 2017 Tax Cuts and Jobs Act. Attendees will review key variables such as tax rates, double tax possibility and special rules that are different for partnerships and corporations. Focus on the taxation of current operations including plans to make corporate profits available to the owners and more unusual transactions such...

12/7/2018
When: 12/07/2018
8:30 AM
Where: Webcast
CALCPA
4183117C
Louisiana
United States
Presenter: John G. McWilliams, CPA, JD


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Acronym XCECTX118
CPE 8 hours
Vendor CalCPA
Category
Tax
Level Intermediate
Yellow Book? No
Registration Fees
Members* $245
CPA Non-Members $375

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Texas CPAs: Our Texas State Board of Public Accountancy Sponsor number is #010423.

Course Description

Consider the difference in tax consequences based on a decision to be either a partnership, S corporation or C corporation. Also, review the significant changes made by the 2017 Tax Cuts and Jobs Act.

Attendees will review key variables such as tax rates, double tax possibility and special rules that are different for partnerships and corporations. Focus on the taxation of current operations including plans to make corporate profits available to the owners and more unusual transactions such as the sale of the business or "buyout" of the owner. Transfers of property for stock or partnership interests will also considered.

Materials are provided as an ebook for this course.

Objectives

  • Identify and evaluate differences in tax rates applicable to corporations and individuals.
  • Explain and analyze the significance of the qualified business income deduction, IRC 199A.
  • Recognize the potential for double tax for a C corporation including tax planning ideas to avoid double taxation.
  • Recall special rules that are different for partnerships compared to corporations.
  • Identify non-tax factors that are different for the various legal entity choices.
  • Determine the importance of the difference in tax result for entity assets transferred to the owners.
  • Compare the tax consequences of selling a business conducted as a partnership, S corporation or C corporation.
  • Analyze the differences between partnerships and corporations when assets are transferred for stock or a partnership interest.
  • Identify differences in tax consequences at the death of an owner.

Major Topics

  • Taxation of corporations and shareholders—potential double taxation
  • Comparison of individual and corporate tax rates
  • The qualified business income deduction, IRC 199A.
  • Special rules—differences that matter
  • Non-tax factors
  • Taxation of operations—differences beyond tax rates
  • Tax considerations of making business assets available to owners
  • Taxation of the sale of the assets of a business
  • Taxation of sale of stock or interest in the partnership
  • Transfer of assets for stock or a partnership interest
  • Death of an owner
  • Hybrid structure planning

Designed For: CPAs, financial professionals, attorneys and tax practitioners.

Prerequisite: An understanding of the taxation of corporations, S corporations and partnerships.

Advance Prep: None.

Note: Login instructions will be provided by the webcast vendor (CalCPA).