Gear Up Business Tax, Annapolis, MD

EVENT OBJECTIVE

Completion of this manual will enable you to:


x Identify which proposals will expire after 2025

x Identify which proposals are permanent

x Recognize new rules regarding entertainment, interest deductions, NOLs and other miscellaneous provisions of the TJCA

x Explain the importance of utilizing engagement letters.

x Recognize terminology that could prove useful in properly constructed engagement letters.

x Explain the need to get written permission to share client data.

x Describe the benefits of a well-constructed Tax Organizer.

x Identify the characteristics of a corporation.

x Analyze the tax and non-tax considerations when forming a corporation.

x Assess the tax implications of incorporating under IRC Sec. 351.

x Recognize the new C corporation planning opportunities resulting from the TCJA.

x Evaluate tax-planning and compliance strategies, earnings and profits (E&P) issues, and the dividends received deduction.

x Identify the Passive Activity Loss (PAL) rules with regard to closely held C corporations.

x Identify and differentiate between a Personal Service Corporation (PSC) and a Qualified Personal Service Corporation (QPSC).

x Formulate strategies for avoiding the Accumulated Earnings Tax (AET) and identify situations where a corporation may be subject to the AET on audit, as well as strategies to avoid having it assessed.

x Identify the different types of controlled groups and their shared tax attributes.

x Recognize situations that may result in a constructive dividend re-characterization by the IRS.

x Identify the implications of self-rentals.

x Identify tax implications of selling stock or assets of a corporation.

x Analyze tax planning and compliance issues when dissolving a corporation.

x Assess alternatives to corporate liquidation.

x Identify new tax issues affecting S corporations, as well as accounting methods and year- end options.

x Evaluate and differentiate between ownership options.

x Identify the proper use of a Qualified Subchapter S Subsidiary (QSub) or Single Member Limited Liability Company (SMLLC).

x Determine whether a corporation or LLC is eligible to file an S corporation election.

x File accurate and timely S corporation elections.

x Identify relief provisions available for filing late.

x File a QSub election and understand the relief available to fix a nonconforming election.


x Identify items of income, gain, expense, loss or credit required to be separately stated.

x Summarize potential tax issues with charitable contributions, the manufacturer’s deduction, and other separately stated items.

x Apply limitations applicable to related parties.

x Analyze tax elections available at the corporate level.

x Calculate a shareholder’s basis in stock.

x Calculate a shareholder’s basis in debt.

x Calculate, differentiate and classify an S corporation’s equity.

x Summarize the proper tax treatment of distributions to S corporation shareholders.

x Identify strategies to trigger or avoid recognition of taxable dividend distributions from earnings and profits.

x Identify and calculate corporate level taxes imposed on an S corporation.

x Formulate planning strategies to avoid or minimize these taxes.

x Complete an election to terminate an S corporation election voluntarily.

x Identify ways to terminate an S corporation election “inadvertently.”

x Identify steps to repair an inadvertent termination by an S corporation.

x Identify Limited Liability Companies (LLCs) as special state entities for liability purposes and chameleons for federal income tax purposes.

x Determine proper tax treatment for single me