Description

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

Target Audience

- tax professionals with Small-business clients

Course 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.

Subjects

- 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