Corporate Tax Planning (Expanded) ON DEMAND

Overview

This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little-known estate planning techniques. The program covers step-by-step tax procedures to form, operate, and ultimately dispose of a closely held corporation. Distinctions between S and C corporations will be unraveled and guidelines for client direction given.

Highlights

Business forms and characteristics. Corporate formation and capitalization. Corporate principals and employees. Basic fringe benefits. Business entertainment. Insurance. Retirement plans. Nonqualified deferred compensation. S Corporations. Business dispositions and reorganizations.

Prerequisites

None.

Designed For

This program is appropriate for professionals at all organizational levels.

Objectives

Specify the advantages and disadvantages of sole proprietorships including self-employed taxes and payment requirements and identify the characterization of sole proprietorship assets upon disposition. Determine payroll taxes noting the uses of Form 941, Form W-4, Form W-2, and Form W-3, specify the application of FICA and FUTA taxes and how to report them, and identify major employee labor laws. Identify basic fringe benefit planning by determining “income” under Section 61 and specifying the differences between former nonstatutory and current statutory fringe benefits. Recognize the key tax terms “entertainment”, “lavish” and “extravagant” and, identify the required Section 162 and Section 274 tests noting the importance of statutory exceptions, and much more!