TaxSpeaker Business Tax Update, Frederick

EVENT DESCRIPTION

"Business tax changes and problem coverage are the focus of this course. We cover the latest tax changes and add in our ""problem focus explanation"" where we hone in on the latest IRS attacks on small business issues. This class provides an in-depth look at the tax organization, filing and compliance issues for all 3 of the major forms of business entities.

The discussion of S corporations includes elections, late “S” election, allowed shareholders, basis rules, distributions and accounting issues. We also provide the instructions and elections to make a deemed dividend election or to distribute E&P before AAA. We also discuss troublesome operating issues such as officer compensation, debt basis, suspended losses and non-cash distributions.

The discussion of C corporations provides guidance on tax operating characteristics of the C corporation including accounting methods, choice of year-end, capital losses, net operating losses and a summary of consolidated return rules. Our discussion of C corporate reasonable compensation also includes an analysis of constructive dividend problems and concludes with a review of such problem issues as personal holding companies (PHC), personal service companies (PSC) and the accumulated earnings tax (AET).

Our LLC/partnership discussion includes organizational income tax elections and definitions and then moves to a completed example Form 1065. We discuss converting an LLC to an S corporation and provide an example election. We then move to operating issues of an LLC such as guaranteed payments, tax-free formation, partner self-employment tax issues, basis, ownership transfers and the sale of a partnership interest. An in-depth discussion of equity accounts is provided along with detailed analysis of debt basis.