Tax Planning for Small Businesses
Overview
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Clients want help with present and future business services. Which tax planning strategies are best for corporate and small business clients? Updated with the latest legislation and IRS guidance on tax reform, this course answers the tough questions and shows participants which strategies are best for these clients. It uses a case-study approach to explore opportunities for businesses and how the tax practitioner can continue to add value for their clients. Discussions will include traditional and new planning opportunities due to the latest tax legislation, including H.R. 1, commonly referred to as OBBBA, SECURE 2.0, as well as regulations and other guidance from the IRS and U.S. Treasury Department.
Highlights
- The tax life of a business
- Selecting a business entity type
- Section 199A and the qualified business income deduction
- Accounting methods
- Compensation of owners and hiring family members
- Reasonable compensation
- Depreciation, including Section 179 and bonus depreciation
- Transactions with owners
- Buy-sell and noncompete agreements
- H.R. 1, commonly referred to as OBBBA
- SECURE 2.0
- Retirement plan strategies for late-stage business owners
- Starter 401(k) plans and SIMPLE plan enhancements
Prerequisites
Working knowledge of business taxation
Designed For
Tax professionals with small-business clients
Objectives
At the end of this course, you will be able to-
- Identify important tax considerations for the small business at each stage of its life.
- Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
- Differentiate the advantages available for small businesses based on entity type.
- Apply the four tiers of business losses for noncorporate taxpayers.
- Analyze which activities of a taxpayer are subject to self-employment taxes
Preparation
None
Leader(s):
Leader Bios
Suzanne Youngberg
Suzanne Youngberg, MST
Northern Illinois University/DeKalb, IL
Suzanne Youngberg joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Suzanne served as the academic advisor for the NIU Master of Science in Taxation Program from 2005 - 2022 as well as serving multiple times on the accountancy curriculum committee. Prior to coming to NIU, she worked for five years in the tax department of a medium-sized public accounting firm. She also taught for seven years at North Central College in Naperville, Illinois. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University.
Suzanne maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. She has served as treasurer for a local nonprofit organization and delivered speeches to various commerce organizations. Suzanne has been featured as a guest on several Chicago tv stations discussing the child tax credit and the dependent care credit.
Suzanne is currently writing two tax textbooks for Wiley, Fundamentals of Individual Taxation and Taxation of Business Entities. Suzanne has presented at the ATA and AAA conferences multiple times. Suzanne has previously taught the tax segment for NIU’s CPA Review Program as well as providing instruction for continuing professional education for a national public accounting firm.
Non-Member Price $247.00
Member Price $197.00