Learn the traps taxpayers fall into – before you make the mistake. This seminar focuses on the law while exploring some of the top errors made in compliance and tax planning for business entities. Avoid these missteps, plan for a better tax result, and benefit from a wealth of knowledge that can be applied to practice.
DESIGNED FOR
CPAs who wish to get a broader insight into tax planning by understanding the significant mistakes professionals can make and how to avoid them.
BENEFITS
- Discuss business transactions that have significant tax effects and the need to do proper tax planning
- Describe the most substantial mistakes that practitioners can make in dealing with the tax aspects of businesses
HIGHLIGHTS
- Current practice issues regarding basis, and a new look at debt vs. equity
- Amending prior returns to correct an impermissible accounting method
- S Corporations: inadvertent terminations and errors in basis, structuring debt, distributions and liquidation
- LLCs and partnerships: mistakes in allocation of debt, fringe benefits, unreimbursed expenses; oversight in not taking into account limitations at the entity level; and pension issues
- Corporations: keeping a stock redemption a capital transaction; and why small business owners should consider taking dividends
- Travel and entertainment: tricks and traps
- Related party transactions: business issues and the significant tax problems that can occur with failure to recognize a related party transaction
- Is there a flexible standard of law for small closely held businesses?
COURSE LEVEL
Intermediate
PREREQUISITES
Experience with business clients.
ADVANCE PREPARATION
None