With significantly increased tax rates that came into effect for 2013 and later years, tax advisors and their business clients should consider whether the choice-of-entity decisions they have made in the past, or will make in the current year, result in the most tax-efficient business entity. Perhaps there is a better entity option for clients who made their choice-of-entity decision in a different tax environment. This program explores when, whether, and why business owners should consider changing to another entity.
- The most important issues tax practitioners should consider when advising clients regarding the choice of a business entity
- Why is the S corporation the most commonly selected tax entity?
- When does the simplicity of a Schedule C operating as a single member limited liability company get the job done with a minimum of complexity?
- Are there tax and business advantages to operating as a C corporation in 2016 that would motivate a business owner to do business as a C corporation?
- The advantages of the partnership tax rules for a multiple member limited liability company treated as a partnership
- How to go from one tax entity to another with a minimum of legal and tax cost and hassle
- Determine whether a client’s existing business entity is the most suitable entity choice for a business
- Determining the tax consequences of switching from one business entity to another
- The relative advantages and disadvantages of the available entity choices
Tax practitioners wishing to be current with respect to the tax advantages and disadvantages of the tax entities available to individuals and businesses in the current tax year
A basic understanding of the federal tax rules relating to C-corporation and pass-through entity income taxation