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22WC-1016: Entity Choice: Tax Considerations (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Wednesday, December 21, 2022
Time 10:00am - 5:30pm
Central Time
Location Online
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Fees
Standard Member Fee $289.00
Standard Nonmember Fee $389.00

Description

Consider the difference in tax consequences based on the decision to conduct a profit-seeking activity as a sole proprietor. Including sole member limited liability company) partnership, S Corporation or C Corporation. Review key variables such as tax rates, double tax possibility and special rules that differ for partnerships and corporations. Focus on the taxation of current operations, including plans to make corporate profits available to the owners, and more unusual transactions such as the sale of the business or "buyout" of the owner. Transfers of property for stock or partnership interests will also be considered.

Who should take this program?

CPAs, financial professionals, attorneys and tax practitioners.

Major subjects

  • Taxation of corporations and shareholders -- potential double taxation
  • Comparison of individual and corporate tax rates
  • The basics of qualified business income deduction, IRC 199A.
  • Special rules -- differences that matter
  • Non-tax factors
  • Taxation of operations -- differences beyond tax rates
  • Tax considerations of making business assets available to owners
  • Taxation of the sale of the assets of a business
  • Taxation of sale of stock or interest in the partnership
  • Transfer of assets for stock or a partnership interest
  • Death of an owner
  • Hybrid structure planning

Learning objective(s)

  • Identify and evaluate differences in tax rates applicable to corporations and individuals.
  • Explain and analyze the significance of the qualified business income deduction, IRC 199A.
  • Recognize the potential for double tax for a C Corporation including tax planning ideas to avoid double taxation.
  • Recall special rules that are different for partnerships compared to corporations.
  • Identify non-tax factors that are different for the various legal entity choices.
  • Determine the importance of the difference in tax results for entity assets transferred to the owners.
  • Compare the tax consequences of selling a business conducted as a partnership, S Corporation or C Corporation.
  • Analyze the differences between partnerships and corporations when assets are transferred for stock or a partnership interest.
  • Identify differences in tax consequences at the death of an owner.

Notes:

Course code Code 22WC-1016
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Level Intermediate
Format Group Internet Based
Prerequisites Prereq. An understanding of the taxation of individuals, corporations, S Corporations and partnerships.
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.

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