Business clients seek practical solutions to their tax issues, and this course provides advisors with effective tax planning strategies for the closely-held business. Providing sound advice will be a money maker both for clients and your firm.

Major Topics:

  • Hiring family members: income splitting and shifting
  • Maximizing depreciation deductions and applying the new capitalization and repair regulations
  • Taking full advantage of fringe benefits: what is available
  • Fringe benefit plans – how they play a larger role in getting to a lower taxable income; what choices should you consider?
  • Medical benefits: long-term care, HSAs, cafeteria plans, COBRA compliance, disability
  • Health care reform: what it means to employers
  • Maximizing retirement benefits
  • Pension plans – are they now more valuable, and what are the best options? Are 401(k) plans not as good, and could defined benefit plans make a comeback?
  • Deferred compensation
  • C corporations: are they qualified personal service corporations?
  • Compensation planning – with potential increases of our client’s Social Security taxes, what can we do to lessen the burden?
  • Basis planning: at-risk and passive considerations
  • Structuring the buy-sell agreement
  • Why businesses need life insurance
  • Related party transactions: making them work
  • Travel and entertainment
  • End-of-year W-2 adjustment worksheets: HI, auto, group-term life
  • Methods of accounting: when do you use accrual instead of cash? When can you use cash?

Learning Objectives:

  • Understand what strategies and techniques are most appropriate for businesses in dealing with employee-related issues
  • Understand how to structure buy-sell agreements
  • Understand how to incorporate family members into a business and avoid problems in dealing with related parties

Designed For: All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies
Level of Knowledge: Intermediate
Prerequisite: Experience with business clients
Advanced Preparation: None
Credits: 8