Corporate Tax Planning ON DEMAND

Overview

This course examines and explains the practical aspects of using a closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities, and little-known estate planning techniques. The program covers step-by-step tax procedures to form, operate, and ultimately dispose of a closely held corporation. Distinctions between S and C corporations will be unraveled and guidelines for client direction given.

Highlights

Business forms and characteristics. Corporate formation and capitalization. Corporate principals and employees. Basic fringe benefits. Business entertainment. Insurance. Retirement plans. Nonqualified deferred compensation. S corporations. Business dispositions and reorganizations.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents, and attorneys.

Objectives

Specify the advantages and disadvantages of sole proprietorships, including self-employed taxes and payment requirements, and identify the characterization of sole proprietorship assets upon disposition. Recognize the role of the partnership agreement on partnership taxation, particularly the application of the at-risk rules. Identify the reporting requirements of unincorporated associations, determine what constitutes a corporation, and specify the characteristics of a personal service corporation. Identify the transfer of money, property, or both by prospective shareholders and the basic requirements associated with Section 351. Recognize the differences between start-up and organizational expenses, and identify the elements of corporate tax recognition, including capital gains and losses, stating dividends received treatment. Specify the requirements for corporate charitable contributions, and determine how to avoid Section 541 status, particularly as to personal service contracts. Identify Section 531 status and determine accounting periods and methods available to corporations. Specify methods for identifying inventory items and identify multiple corporate tax advantages, and more.

Preparation

None.

Notice

None.