Modern planning ideas and tax-saving strategies to help guide your small business clients.
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.
Highlights
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
Who Will Benefit
Tax professionals with small-business clients
