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Tax Planning for Small Businesses - Tax Staff Essentials

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Online, OK 00000

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4.00 Credits

Member Price $225

Non-Member Price $269

Overview

Modern planning ideas and tax-saving strategies to help guide your small business clients.

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

    Prerequisites

    Working knowledge of business taxation

    Designed For

  • Tax professionals with 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.
  • Leader(s):

    Leader Bios

    William Murphy, AICPA

    William F. Murphy, CPA/PFS, ABV, CFF, CVA, is the owner of Murphy Financial Group, P.C., a firm that provides tax consulting and financial planning services to corporations and professional practices in Indiana. He also provides consultation services on tax and financial planning issues to various news and publishing organizations on current tax law changes occurring within federal and state government.

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    Non-Member Price $269

    Member Price $225