Tax Planning for Small Businesses - Tax Staff Essentials

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, including H.R. 1, commonly referred to as OBBBA. In this course, you get the information you need to answer tough questions and learn the best strategies for your clients.

Materials are updated for the following new and updated tax provisions of H.R. 1:

• Section 1202 qualified small business stock exclusion
• State and local tax deduction cap
• Section 199A qualified business income deduction
• Bonus depreciation
• 100% depreciation deduction for qualified production property
• Section 179 expensing
• Meals and fringe benefits

You'll also get caught up on IRS guidance on other recent tax changes, particularly those related to retirement plans and required minimum distributions.

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.

Part of Tax Staff Essentials Level 4 This self-study online course is part of Tax Staff Essentials Level 4, a comprehensive learning program that provides tax managers, directors, and partners with the advanced technical training required to work with their most sophisticated clients.

Key Topics

• 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
• Retirement plan strategies for late-stage business owners
• Starter 401(k) plans and SIMPLE plan enhancements
• Provisions of H.R. 1, commonly referred to as OBBBA

Learning Outcomes

• Identify important tax considerations for the small business at each stage of its life.
• Differentiate the advantages available for small businesses based on entity type.
• Interpret the rules for deducting organizational and startup costs.
• Apply the four tiers of business losses for noncorporate taxpayers.
• Analyze which activities of a taxpayer are subject to self-employment taxes.
• Determine the tax implications of loans to and from owners of a business.
• Identify the benefits and structures of buy-sell agreements for small business owners.
• Identify the advantages of different retirement plans available to small businesses.

Who Will Benefit

• Tax professionals with small-business clients