Tax Planning for Small Businesses - Tax Staff Essentials
Online
4.00 Credits
Member Price $225.00
Non-Member Price $269.00
Overview
Tax planning strategies for now and then
Clients want help with present and future business services. Which tax planning strategies will you provide for your corporate and small business clients?
Course materials are updated for the latest legislation and IRS guidance. They provide the information needed to answer tough questions and show you the best strategies for your clients.
Materials are updated for the following tax changes:
- Required minimum distribution (RMD) requirements
- 529-to-Roth IRA and 529-to-ABLE rollover availability
- Increased SIMPLE plan catch-up contribution limits
- The Starter 401(k) plan for small businesses
Meet the needs of small businesses at every stage
Even though the materials focus on taxes, taxes are only one of many considerations a small business owner must make when forming a new entity.
The course covers common small business matters at different stages in the business lifecycle:
- Growth stage
- Maturity stage
- Late-maturity stage
- Decline stage
Content for all entity types
What do you need to do to form a sole proprietorship, partnership, or other type of entity? As we address this question, you will consider the nuances of each entity structure.
Objectives
“<ul><li>Identify important tax considerations for the small business at each stage of its life.
<li>Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
<li>Differentiate the advantages available for small businesses based on entity type.
<li>Apply the four tiers of business losses for noncorporate taxpayers.
<li>Analyze which activities of a taxpayer are subject to self-employment taxes.</ul>”
Highlights
“<li>Starting a business — the tax life of a business
<li>Selecting a business entity type
<li>SECURE Act 1.0 and 2.0
<li>Section 199A and the qualified business income deduction
<li>Accounting methods
<li>Compensation of owners — hiring family members
<li>Reasonable compensation
<li>Depreciation, Section 179 and bonus depreciation
<li>Transactions with owners
<li>Buy-sell and noncompete agreements
<li>Exiting the business — special exit techniques”
Designed For
<li>Tax professionals with small-business clients
Prerequisites
Working knowledge of business taxation
Notice
By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.
Leader(s):
Leader Bios
William Murphy
William F. Murphy, CPA/PFS, ABV, CFF, CVA Murphy Financial Group, P.C. / Carmel, IN William F. Murphy is the owner of Murphy Financial Group, P.C. The firm emphasizes in providing tax consulting and financial planning services to corporations and professional practices in the State of 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. Mr. Murphy is also associated with the law firm of Mallor Grodner LLP. The firm has offices located in both Indianapolis and Bloomington Indiana. He assists in providing tax, valuation and financial analysis services focusing in the areas of Family law and business transactions. In addition to being a Certified Public Accountant (CPA), Mr. Murphy holds the accreditation in business valuations as an Accredited in Business Valuation (ABV). Mr. Murphy also holds the designation of a Personal Financial Specialist (PFS) and Certified in Financial Forensics (CFF) awarded by the American Institute of Certified Public Accountants. Mr. Murphy also holds the designation of Certified Valuation Analyst (CVA) awarded by the National Association of Certified Valuation Analysis. In addition to these organizations, Bill has appeared as an expert witness in numerous cases involving marital and business disputes and has lectured extensively on valuation and tax issues for the National Business Institute, Western CPE, Indiana Continuing Legal Education Forum, Indiana CPA Society, American Institute of Certified Public Accountants, and the National Association of Certified Valuation Analysts, as well as for other local continuing educational programs. He is a member and former chairman of the Ethics Committee for the Indiana CPA Society. Bill also holds an Indiana Insurance License and is involved with several financial planning organizations. Prior to Bill’s association with the law firm of Mallor Grodner LLP he owned Murphy & Company, P.C. for over twenty five years (the predecessor of Murphy Financial Group P.C.). While at Murphy & Company, P.C. he was Director of Entrepreneurial and Tax Services and was the firm’s majority shareholder. The firm specialized in taxation, business valuations and small business development. Prior to establishing his own firm in 1982 Mr. Murphy worked with both local and national CPA firms. Bill is also a former director with the Indiana Attorney General’s Office while attending Indiana University law school.
Non-Member Price $269.00
Member Price $225.00