This course identifies tax planning strategies for small business clients throughout
the different life cycles of the business. We will 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 as a result of the latest tax legislation and IRS guidance.
• 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
• 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
• 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
• Retirement planning
• Buy-Sell and Noncompete agreements
• Tax considerations when selling a business
• Partnership hot assets and other look-through provisions
CPAs looking for innovative tax
planning and savings techniques
to solve client problems
Basic knowledge of business