• Identify important tax considerations for the small business at each
stage of its life.
• Differentiate entity type options available for small businesses.
• Calculate the Qualified Business Income deduction under Section
199A.
• Recognize how depreciation may be used in business tax planning.
• Calculate basis for partnerships and S corporations.
• Choose the correct tax treatment for fringe benefits granted to
partners and S corporation shareholders.
• Compare IRS concerns regarding reasonable compensation for an S
corporation owner versus a C corporation owner.
• Recall the tax treatment of contributions to a business entity by new
investors.
• Recognize the tax treatment of distributions to small business
owners.
• Analyze a client’s need for a buy-sell agreement.
• Recognize tax issues involved in the exit of a shareholder from a
corporation.

• Select among ways to dispose of or liquidate a business in a tax-
efficient manner.

• Starting a business — choice of entity and the tax life of a business
• Selecting a business entity type
• Section 199A and the Qualified Business Income deduction
• Accounting Methods
• Self-employment taxes and entity type
• Reasonable compensation issues
• Depreciation, Section 179, and bonus depreciation planning
considerations
• Retirement planning
• Buy-Sell and Noncompete agreements
• Tax considerations when selling a business
• Partnership hot assets and other look-through provisions

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