BILB
HOW TO BEAT THE IRS LEGALLY:
TAX PLANNING AND STRATEGIES FOR THE CLOSELY HELD BUSINESS
Even seasoned practitioners don’t have all the answers to difficult questions regarding tax planning and strategies for the closely held business. This course will allow you to understand and apply key planning steps for your business clients and covers the latest tax law developments. Taking this course will help you plan and overcome potential problems proactively.
Major topics include:
- Complete coverage of The Small Business and Work Opportunity Tax Act of 2007
- Advising the business: understanding penalties and return preparation in light of Circular 230 and FIN 48
- Health benefits and fringe benefits: a checklist of ideas and strategies; when HSAs make sense; legal discrimination of health benefits; medical reimbursement plans; using §125 plans; and many other miscellaneous fringe benefits
- Business travel and entertainment: employing your spouse; tax-favored board-of-directors meetings; combining business and pleasure; the intervening weekend rule; getting around the 50% limitation
- Penalties: how they affect client advice
- Top new planning ideas
- Multiple corporations
- State tax questions and answers
- Use of single-member LLCs
- How low can you go on S Corp salaries?
- C corporations: why the new rate on dividends makes them more attractive
- Alternatives to liquidation
- Making maximum use of the manufacturer's deduction
- Intangibles planning
- Teleworkers: the latest tax issues
- Structuring goodwill outside the entity
- Related party transactions
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
Field
of study: Taxes
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