Objective
* 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 businessesHighlights
* Don't get caught watching the paint dry * IRS battles against blind basis * Pernicious precedents in payroll penalties, enforcement activities are hot * Pernicious precedents in payroll penalties * So what is next with the Department of Labor * 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?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 themPrerequisite
Experience with business clientsAdvanced Preparation
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