If only we could see ourselves as others see us. Learn the traps taxpayers fall into – before you make the mistake. Attend this enjoyable yet very informative course that focuses on the law while exploring some of the top errors made in compliance and tax planning for business entities. The study of the law underlying the tax or practice issue will assist practitioners in satisfying their professional standards of practice and will help in preparing business tax returns. Avoid these missteps, plan for a better tax result, and benefit from a wealth of knowledge that can be applied to practice.

Major Topics:

  • Don't get caught watching the paint dry
  • Understanding practice ground rules
  • Keeping an eye on possible upcoming changes
  • Transferring assets to a corporation results in gift tax
  • Can I amend prior returns to correct an impermissible accounting method?
  • S Corporations: Just what is causing inadvertent terminations today, which happens more than you think; and errors in basis, structuring debt, distributions and liquidation
  • LLCs and partnerships: Mistakes in allocation of debt, fringe benefits, unreimbursed expenses; oversight in not taking into account limitations at the entity level; and pension issues
  • C Corporations: Keeping a stock redemption a capital transaction; and why small business owners should consider taking dividends
  • Travel and entertainment: tricks and traps
  • Related party transactions: explore business issues and the significant tax problems that can occur with failure to recognize a related party transaction
  • Is there a flexible standard of law for small closely held businesses?

Learning Objectives:

  • Discuss business transactions that have significant tax effects and the need to do proper tax planning
  • Describe the most substantial mistakes that practitioners can make in dealing with the tax aspects of businesses

Designed For: CPAs who wish to get a broader insight into tax planning by understanding the significant mistakes professionals can make and how to avoid them
Level of Knowledge: Intermediate
Prerequisite: Experience with business clients
Advanced Preparation: None
Credits: 8
Field of Study: Taxes(8)
CFP Credit: No

Live Seminar Course Schedule