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Innovative Tax Planning for Small Businesses: Corporations, Partnerships & LLCs

Author/Moderator: William R. Bischoff, MBA, CPA
Publisher: AICPA
Availability: In Stock
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Description

This information-packed course showcases state-of-the-art planning ideas and tax-saving devices employed by the savviest practitioners in order to keep more profits in the pockets of your corporate clients and business owners. This course helps you offer your clients quality service.

Objectives:
  • Understand the unique tax problems affecting corporations
  • Identify savings opportunities and pinpoint tax traps
  • Explain changes in each client’s tax situation
  • Planning under the recent Tax Acts

Prerequisite:  Basic knowledge of corporate income taxation.

Accepted for CFP® credit.

Table of Contents

  • Chapter 0 - Overview
    • Course Goals
    • Introduction
    • Conclusion
  • Chapter 1 - Corporate Tax Trends
    • Learning Objectives
    • Introduction
    • Planning Strategies Opened Up by Reduced Tax Rates
      • Current Strategies for Closely Held C Corps
      • Favorable Tax Rates for Qualified Dividends and Long-Term Capital Gains Extended through 2010
    • INDOPCO Trends
      • Implications
      • INDOPCO Rulings
      • Other Recent Court Decisions and Developments
      • Conclusions
    • Final Section 263(a) Regulations Settled Many INDOPCO-Related Controversies
      • Amounts That Generally Must Be Capitalized
      • Acquired Intangibles for Which Capitalization Is Required
      • Created Intangibles for Which Capitalization Is Required
      • Other Intangibles Generally Must Be Separate and Distinct Assets for Capitalization to Be Required
      • Certain Transaction Costs Must Be Capitalized
      • Coordination of Section 263(a) Regulations with Rules for Accrual-Method Taxpayers
      • Separate Capitalization Rules for Amounts Paid to Facilitate Acquisitions, Restructurings, Contributions to Capital, Formations of Disregarded Entities, Etc.
      • Take Advantage of Taxpayer-Friendly Regulation Provisions
      • Tax Treatment of Capitalized Amounts
      • Impact of Section 263(a) Regulations on Pre-opening Expenditures Incurred to Internally Start Up a Brand New Business
      • Tax Compliance Drill for Pre-opening Expenditures Incurred to Internally Start Up a Brand New Business
    • Real Estate Development and Capital Gains
      • Capital Gains from Selling Out
    • SE Tax on LLC Members
    • More on Unincorporated Businesses and the SE Tax
      • SE Tax Planning in Community Property States
      • Unincorporated Businesses in Non-community Property States
    • Simplified Tax Compliance for Husband-Wife Partnerships
    • Using S Corporations to Reduce Social Security and Medicare Taxes
    • Evidence of IRS Interest in This Question
    • Conclusions
    • What about C Corporations?
    • Tax-Free Education Assistance for Owner's Employee-Child
      • Qualification Rules
      • Dodging the Ownership Rules
      • Effect on Financial Aid Eligibility
      • Additional Benefits from Other Education Breaks
    • Do Not Let the IRS Jam Accrual Accounting Change Down Clients' Throats
      • Recent (Mostly Favorable) Developments
      • Concrete Is Not "Merchandise"
      • Sand and Gravel Is "Merchandise" (Unless Tax Planning Saves the Day)
      • Two Exceptions Allow Cash Method for All Who Qualify
    • S Versus C Debate in Light of Reduced Individual Tax Rates
      • The Bottom Line
    • Business Tax Changes Included in the Economic Stimulus Act of 2008
      • Section 179 Deduction Gets Jacked Up (Temporarily)
      • First-Year Bonus Depreciation Is Back (Temporarily)
    • Business Tax Changes Included in Mortgage Forgiveness Debt Relief Act of 2007
      • New Limitation on Tax Return Disclosures to Partners, S Corporation Shareholders, and Estate and Trust Beneficiaries
      • Failure to File Partnership Returns Will Be More Costly
      • Failure to File S Corporation Returns Will Be More Costly Too
      • One-Time Corporate Estimated Tax Increase
    • Business Tax Changes Included in 2007 Energy Act
      • FUTA Surcharge Extended Through 2008
      • Longer Amortization Period for Big Oil G&G Costs
    • Business Tax Changes Included in Small Business and Work Opportunity Tax Act of 2007
      • Section 179 Deduction Rules Extended and Made Even Better
      • Taxpayer-Friendly S Corporation Changes
      • Simplified Tax Compliance for Husband-Wife Businesses
      • Work Opportunity Tax Credit (WOTC) Changes
      • Employer Tip Credit Change
      • WOTC and Employer Tip Credit Can Reduce AMT Liabilities
      • Gulf Opportunity Zone Tax Incentive Changes
    • Summary
  • Chapter 2 - Implementing a Tax Planning System
    • Learning Objectives
    • Introduction
    • A Life Cycle Approach
      • Understanding the Problem
      • The Life Cycle Approach
      • Major Phases
    • Understanding the End Game
      • Maximizing After-Tax Cash Flow
      • Get It While You Can…
      • Nonstatutory vs. Statutory Benefits
      • Schedule E Income
      • Salary Plans
      • Retirement Plans
      • Family Business Structure
      • Maximizing Equity Growth
      • Create Transferable Value (Goodwill)
    • Putting It All Together
    • Summary
  • Chapter 3 - Start-Up Issues
    • Learning Objective
    • Introduction
    • Directions
    • Part 1 - Case Study
      • Case 3-1 - Mom's Creamery
    • Part 2 - Toolkit Choice of Business Form
      • The Evolving Choice of Entity Landscape
      • Sole Proprietorships
      • Single-Member Limited Liability Companies
      • C Corporation Pros and Cons
      • Qualified Small Business Corporations (QSBCs)
      • S Corporation Pros and Cons
      • Multi-Member LLC Pros and Cons
      • Limited Liability Partnership (LLP) Pros and Cons
      • General Partnership Pros and Cons
      • Limited Partnership Pros and Cons
      • State Taxation
    • Formation Issues
      • §§351 and 357 for C and S Corporations
      • §1367 - S Shareholder Basis
      • Do Not Give Away the Intangibles
    • Hiring Family Members
      • By Sole Proprietors, Partnerships, and LLCs
      • By a Family-Owned Corporation
    • Including Debt in Corporate Capital Structures
      • Third-Party Debt
      • Owner Debt
      • How to Ensure That Owner Debt Will Be Respected As Such
    • Summary
    • Questions
  • Chapter 4 - Special Tax Considerations of Operations
    • Learning Objectives
    • Introduction
    • Compensating C Corporation - Shareholder-Employees
      • What Is Reasonable?
      • Reasonable Compensation Checklist
      • Reasonable Compensation Court Decisions
      • Conclusions
    • Retirement Plan Options for Small Business Owners in a Nutshell
      • The Basics
      • Solo 401(k) Plan
      • Simplified Employee Pension (SEP)
      • Defined Contribution Keogh and Corporate Profit-Sharing Plans
      • SIMPLE-IRA
      • Defined Benefit Pension Plan
      • All about Solo 401(k) Plans
    • Benefits of Buy-Sell Agreements
      • What Is a Buy-Sell Agreement?
      • How Do They Work?
      • The Three Types of Buy-Sell Agreements
      • Funding Buy-Sell Agreement Purchase Obligations
      • Including Tax-Saving Terms in Buy-Sell Agreements
      • Estate Planning Benefits
      • Ensuring Buy-Sell Agreements Deliver the Expected Estate Planning Benefits
    • Converting a Corporation into an LLC (or LLP)
      • Watch Out for Goodwill and Other Intangibles
    • Depreciating Property Converted from Personal Use to Business Use (and Vice Versa)
      • Conversion from Personal Use to Business Use
      • Conversion from Business Use to Personal Use
      • When Change in Use Results in Different Recovery Period and/or Different Depreciation Method
      • Shorter Period and/or Faster Method after Change in Use
      • Longer Period and/or Slower Method after Change in Use
    • Heavy Tax Savings Still Available for "Heavy SUVs, Pickups, and Vans Used over 50% for Business
      • Maximum Deductions for Cars with Bonus Depreciation
      • Maximum Deductions for Cars without Bonus Depreciation
      • Maximum Deductions for Light Trucks and Light Vans with Bonus Depreciation
      • Maximum Deductions for Light Trucks and Light Vans without Bonus Depreciation
      • Clients Can Take Advantage of Better Depreciation Rules for "Heavy" Vehicles
      • Reduced $25,000 Section 179 Deduction for Heavy SUVs
      • Despite $25,000 Limitation, Depreciation Rules for Heavy SUVs Are Still Favorable
      • Don't Forget Section 179 Taxable Income Limitation
      • Don't Forget Section 179 Deduction Phase-out Rule
      • Mind Stricter Rules for Corporate-Owned Vehicles
      • Other Section 179 Caveats
      • Clients Must Plan Ahead to Preserve Section 179 Tax Savings for Heavy Business Vehicles
    • Converting Unincorporated Small Businesses into S Corporations to Reduce Social Security and Medicare Taxes
      • How the SE Tax Works in a Nutshell
      • How S Corporation Status Could Reduce Social Security and Medicare Taxes
      • What If Client's Business Is Operated as a Partnership or Multi-Member LLC?
      • Conversion Mechanics for LLCs (Including SMLLCs)
      • Mind These Caveats
    • Summary
  • Chapter 5 - Business-Exit Considerations
    • Learning Objective
    • Introduction
    • Dispositions of the Business
      • Buyer Perspective
      • Seller Perspective
      • Flow-Through Advantage
      • Tax Impact of Corporate Liquidations
      • Tax-Wise Corporate Asset Sales
    • Sale of an Ownership Interest
      • Sale of Partnership Interest
      • Sale of S Corporation Stock
      • Best of Both Worlds - Stock Sale Treated as Asset Sale for Tax Purposes
      • Sale of C Corporation Stock
    • Selling Out to a Leveraged ESOP
    • Planning for Stock Redemptions by Family Corporations
    • Buying Out Spouse's Business Ownership Interest in Divorce
    • Divorce-Related Redemption of Corporate Stock
      • Scenario 1: Redemption Is Not Constructive Distribution to Non-Transferor Spouse
      • Scenario 2: Redemption Is Constructive Distribution to Non-Transferor Spouse
      • Election to Reverse the Tax Results
      • Election Timing Requirement and Effective Date Rules
    • Tax Planning Opportunities with Covenants Not to Compete
      • Tax Benefits of Minimizing Allocations to Covenants
      • Tax Benefits of Maximizing Allocations to Covenants
      • When Can a Covenant Be Supported?
    • Primer on Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs)
      • What Are FLPs and FLLCs?
      • Estate and Gift Tax Issues
      • Avoid IRC Section 2036(a) Problems
      • Protect the Annual Gift Tax Exclusion
      • Federal Income Tax Issues
      • Impact of Recent Estate and Gift Tax Changes
      • Asset Protection Advantages
      • Practical Considerations
      • Conclusions on FLPs and FLLCs
    • Questions
  • Chapter 6 - Ethics Focus: Taxation
    • Ethics Overview
    • Recent Developments
    • Spotlight on Independence in Tax Services
    • Key Ethical Dilemmas and Judgment Calls
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 7 - Latest Development

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Excerpts

Videocourse Details

NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 16
Text
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