Americans who want to be their own boss are not entirely on their own. They have a rich uncle - Uncle Sam - who is there to help, as well as to make demands. The nation’s tax laws are intended to encourage people to start new businesses and are chock full of incentives and tax breaks, as well as sometimes onerous reporting requirements. This course is a fast-paced and entertaining guide through tax issues affecting business entities and their owners. The focus of this class is on tax devices and techniques available to the small-business owner. Emphasis will be given to operational deductions, fringe benefits, compensation, family income splitting, retirement plans, and estate planning.
Structure, reporting and accounting. Business income, Credits and assets. Selected business expenses. Employee compensation and benefits. Automobiles. Business travel and entertainment. Retirement plans. Insurance. Estate planning.
This program is appropriate for professionals at all organizational levels.
Recognize sole proprietorships, partnerships, and corporations as organizational formats for new and existing businesses. Identify the various types of income and their implications, including the hidden income tax dangers of cancellation of indebtedness income, tax recoveries, and recapture of depreciation. Recognize the central importance of Section 162 in deducting and substantiating business expenses and costs. Specify the common-law rules used by the IRS to determine whether a person is an employee for purposes of FICA, FUTA and federal income tax withholding. Identify the apportionment of business and personal use of an automobile, including deduction limitations. Specify the various depreciation methods such as MACRS and Section 179 expensing. Determine the factors associated with the business purpose requirement noting how they determine deductible expenses for meals and entertainment. Determine the differences between defined contribution and defined benefit plans noting the different types of plans and their effect on retirement benefits. Recognize the benefits of company-provided insurance policies by identifying how to qualify for group term life insurance. Recognize the elements of general estate planning such as the unlimited marital deduction, including the qualified terminable interest property trust, stepped-up basis, and modified carryover basis rules.
Non-Member Price $779.00
Member Price $589.00