Choice of Entity (Expanded) ON DEMAND

Overview

This comprehensive course describes and compares sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations. It examines the advantages and disadvantages of each, helping you properly select the right business entity for your clients’ specific tax and liability needs. Perhaps most importantly, this course emphasizes the maximization of tax benefits in each business format. Fringe benefits, retirement plan alternatives, and nonqualified deferred compensation are also discussed in detail.

Highlights

Tax economics. Business planning. Deferred compensation plans. Basic fringe benefits. Business entertainment. Business travel and transportation. Insurance. Equity participation. Estate planning.

Prerequisites

None.

Designed For

This program is appropriate for professionals at all organizational levels.

Objectives

Identify financial and tax income types noting how cash management is used to acquire and operate assets, specify changes recently made to taxable income, determine how the passive loss rules categorize income and identify income splitting formats that can reduce tax. Recognize compensation strategies citing employer vs. employee perspectives. Determine the meaning of “deferred compensation plan”, cite questions for assessing deferral usage, and recognize multiple deferred compensation types. Recognize basic fringe benefit planning by determining “income” under Section 61. Specify the elements Section 1031 noting how these elements conceptually differentiate a like-kind exchange from a sale. Identify “boot” and like-kind property noting boot’s potential impact on nonrecognition and list several examples of boot, and much more!

Preparation

None.

Notice

None.