2009 Summer Workshop - Small Business Tax WorkshopsPacked with updated material and tax planning opportunities and pitfalls specifically geared towards the small business owner consultant! Completed forms with examples for most topics. Summer Workshop - Small Business Tax Workshop - Day 1 (See below for Day 2 information) Accounting Methods - Review the available accounting methods and how to change from cash to accrual. What if your client used the wrong MACRS recovery period for depreciation? Most changes from impermissible methods of accounting to permissible methods of accounting are governed by the automatic consent procedures. Learn how to make the correction on Form 3115, Application for Change in Accounting Method. Sole Proprietor - This course provides a line-by-line overview of the most popular type of business entity - the sole proprietorship (Schedule C). Specific planning issues to help your clients with operation of their business. A complete discussion of both tax and non-tax issues, including examples with completed forms. Topics include: Start-up Expenses vs. Expansion • Employment of Family Members • Ordinary and Necessary Expenses Business Expense • Personal Liability issues • Office-in-the-Home • Business Sale with Completed Forms Day Trader – This tax topic explains whether an individual who buys and sells securities qualifies as a "trader in securities," and how traders must report the income and expenses resulting from the trading business. In order to better understand the special rules that apply to traders in securities, it is helpful to first review the meaning of the term "investor," and the manner in which investors report the income and expenses for their investment activities. Hobby vs. Business – Learn how to develop a clearer understanding of what constitutes an activity engaged in for profit and the tax implications of incorrectly treating hobby activities as activities engaged in for profit. This topic provides information for determining if an activity qualifies as an activity engaged in for profit and what limitations apply if the activity was not engaged in for profit. Domestic Production Activities Deduction – The domestic production activities deduction provides tax savings for all types of businesses. This discussion will review which activities qualify, how to allocate costs and how to apply the various limitations under Code Sec. 199. Meals and Entertainment - The actual cost of meals and incidental expenses may be deducted or a taxpayer may use a standard meal allowance. Regardless of the method used, meal deductions are generally limited to 50 percent of the expense. However, the 50 percent disallowance does not apply to certain M&E expenses. We review the rules and methods available for your business clients. Limited Liability Companies (LLCs) - Similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. We will review the rules and explain how some rules are specific to this type of business entity. Topics include: Single Member LLC • Husband and Wife (Community Property States) The New Federal ID Requirements for Single Member LLCs • Self-Employment Tax Objectives: Upon completion of this course you will be able to:
Summer Workshop - Small Business Tax Workshop - Day 2 Recent Developments - This section is a review of new tax laws, court cases, IRS rulings, and other business developments. This is specifically designed for those practitioners who are too busy to keep with their tax reading during tax season. Topics include: New regulations under Code Sec. 7216, Disclosure or Use of Taxpayer Information by Preparers of Returns • Correcting Payroll Errors on Form 941-X • Work Opportunity Tax Credit • Business Casualty Loss - When business or income-producing property is completely destroyed, the decrease in fair market value is not considered. The loss is the adjusted basis of the property, minus any salvage value and any insurance or other reimbursement you receive or expect to receive. Review how this type of loss is computed and reported for tax purposes. Retirement Plans for Small Business Owners – A review of the various types of retirement plans available for each business entity and how to maximize contributions for key employees and owners of small businesses. A case-study approach with side-by-side comparisons of projected contributions and deduction limits makes it easy to focus on a plan type to best meet your client’s situation. Disabled Access Credit - Your small business clients may be entitled to a nonrefundable income tax credit for expenditures incurred to make a business accessible to disabled individuals. We review the rules under Code Sec. 44 for the disabled access credit, discuss the carry over rules and define what qualifies as an eligible expenditure. Capital Lease - When a lease contains an option to purchase, should it be treated as an installment sale contract rather than a lease? If it is regarded as a sale contract, the so-called rental payments will be denied deduction to the user of the property. We will review the rules and discuss what questions you should be asking your clients. Employee Benefits – Understand the different types of fringe benefit alternatives for each business entity, ensure compliance with IRS rules, and avoid costly mistakes. We also address the specific rules for insured plans and self-insured medical reimbursement plans. Partnerships - This course provides a line-by-line overview of Form 1065 for partnership returns. Various types of partnership issues are explored and analyzed in this course. The pass-through concept is examined from basic flow of income and deductions to partners as well as special allocations. Topics include: How to Calculate the Partner’s Basis • Unreimbursed Expenses • Section 754 Election • Guaranteed Payments • Separately Stated Items • Disguised Sales • Partner’s Basis Worksheet • Partnership Sale with Completed Forms Objectives: Upon completion of this course you will be able to:
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