Tax Planning for Small Businesses (4 hours - late morning) - Webcast

Overview

Clients want help with present and future business services. Which tax planning strategies will you provide for your corporate and small business clients? Updated with the latest legislation and IRS guidance on tax reform, this course answers the tough questions and shows you what strategies are best for your clients. We 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 due to the latest tax legislation, including SECURE 2.0 and related regulations, as well as IRS guidance.

OSCPA has partnered with the Idaho Society of CPAs for this event.

Highlights

• Starting a business - the tax life of a business
• Selecting a business entity type
• Section 199A and the qualified business income deduction
• Accounting methods
• Compensation of owners and hiring family members
• Reasonable compensation
• Depreciation, including Section 179 and bonus depreciation
• Transactions with owners
• Buy-sell and noncompete agreements
• H.R.1, commonly referred to as OBBBA
• SECURE 2.0
• Retirement plan strategies for late-stage business owners
• Starter 401(k) plans and SIMPLE plan enhancements

Prerequisites

Working knowledge of business Taxation

Designed For

Tax professionals with smallbusiness clients

Objectives

When you complete this course, you will be able to:

• 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.
• Analyze which activities of a taxpayer are subject to self-employment taxes.