BTBB
THE TOP 50 BUSINESS TAX BLOOPERS AND BLUNDERS AND HOW TO FIX THEM

It is said that the best way to learn is from our own mistakes. But isn’t it more fun to learn from the mistakes of others? Attend this enjoyable yet very informative course that will explore, in a practical way, the top errors made in compliance and tax planning for business entities. The focus of this course is how to avoid these missteps and plan for a better tax result. Experienced practitioners will benefit from a wealth of knowledge that can be applied to their practice.

Major topics:

• Delve into the unique pitfalls inherent in using any entity structure in operating a business, including:
• S Corporations : lack of basis and failure to structure debt correctly; creating a surprise tax liability on formation; big mistakes if you do not plan correctly in a liquidation; what is reasonable compensation to shareholder employees; distributions and unwanted tax liabilities; failure to make proportionate contributions and distributions; and much more!
• LLCs and partnerships : when you can’t take wages; good tax debt vs. bad tax debt; knowing how to read an operating agreement; understanding the effect of special allocations; failure to recognize taxation on service partners; breakdown in distinguishing between a draw and a guaranteed payment; oversight in not taking into account limitations at the entity level; pension issues; and much more!
• C Corporations : why small business owners should consider taking dividends; what is unreasonable compensation and is it important today; knowing when to hold onto the C Corporation entity and knowing when to switch; getting hit with double taxation; and much more!

• Discover the tricks and traps in:
• Travel and entertainment : the IRS has won a lot of battles denying tax deductions in this arena. It takes great planning and skillful documentation to win. See the big mistakes and what it would take to fix them.
• Dealing with the IRS : techniques to handling an audit, what to do, and what not to do!
• Buying and selling a business : tax allocation of the purchase price from both the buyer’s and seller’s viewpoint, installment sales, and financing.
• Multistate tax issues : does your client have to file a tax return in another state?
• Related party transactions : explore business issues and the significant tax problems that can occur with failure to recognize a related party transaction.

• Miscellaneous topics: a host of other important issues will also be covered in brief.

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.

What You Will Learn from This Course:

• You will have a much greater ability to recognize business transactions that have significant tax effects and the need to do proper tax planning.
• You will have an awareness of the most substantial mistakes that practitioners can make in dealing with the tax aspects of businesses.
• You will have the knowledge and skills to avoid these mistakes.

Level of Knowledge: Intermediate

Field of study: Taxes