Summer Workshop - Small Business Tax Workshop  Seminar Calendar      Registration

Packed with updated material and tax planning opportunities and pitfalls specifically geared towards the small business owner consultant! Completed forms with examples for most topics.

Day 1

This course will provide a review of new tax laws, court cases, IRS rulings, and other business developments, helpful for advising clients on the most suitable choice of entity for their business goals and needs. Complete with a discussion of both tax and non-tax issues, completed forms, and examples for most topics.
 
Small Business Issues - Guest Speaker from the IRS (Wisconsin and Arizona)
 
Sole Proprietor · Self-Employment Tax · Employment of Family Members · Hobby Loss Rules · Ordinary and Necessary Expenses Business Expense · Personal Liability issues ·
 
Partnerships · Calculate the partner’s basis · unreimbursed expenses · Section 754 Election · Guaranteed Payments · Separately Stated Items · Disguised Sales · Partner’s Basis Worksheet
 
S Corporations · Built-in-gains tax · Calculate the shareholder’s basis · Abusive Shareholder Payroll · Distributions – when are they taxable? How to elect S Corporation Status ·
 
LLCs · Single Member LLC · Husband and Wife (Community Property States) Federal ID Requirements · Required Records · Self-Employment Tax · Employer Identification Number
 
Other Business Topics · Office-in-the-Home · Business Travel and Per Diem Allowance · Meals and Entertainment · Start-up Expenses vs. Expansion · IRS Enforcement Programs ·  
 
Objectives: Upon completion of this course you will be able to:
  • Identify the different types of entities available to U.S. businesses
  • Recognize the major issues that affect choice-of-entity decisions
  • Calculate basis for an S corporation shareholder and a partner in a partnership
  • Compute a Section 754 Election for a partnership
 
Day 2
 
Guest Speaker from Wisconsin DOR (Wisconsin Only)
Guest Speaker from Arizona DOR (Arizona Only)
 
C Corporations · §351 Tax-Free Incorporation · Accumulated Earnings Tax · Constructive Dividends · Personal Holding Corporation · Payroll vs. Dividend Worksheet · Compensation
 
C Corporation Liquidations · Final Corporate tax return – Form 1120 · Tax treatment for the corporation and the shareholder(s) · Reporting to shareholder(s) on Form 1099-DIV ·
 
Other Business Topics · Employer provided fringe benefits · Requirements for an Accountable Plan · Employee Business Expenses · Health Insurance · Archer MSA · HSAs · HRAs · Section 179 Expensing Deduction · New Federal Developments for Businesses
           
Objectives: Upon completion of this course you will be able to:
  • Identify the requirements to form a C corporation under IRC §351
  • Liquidate a C corporation and complete a final C corporation tax return (Form 1120)
  • Understand how to elect and revoke the Section 179 deduction
  • Identify which fringe benefits are available for each type of business entity