Webinar

Tax Planning for Small Businesses: Tax Staff Essentials

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A fundamental understanding of the taxation of business property transactions is essential to any tax practice. This course prepares tax professionals to handle the tax effects of common property transactions. Topics include: Depreciation recapture; Exchange transactions; Dispositions of business property. Updated for the effects of H.R. 1, commonly referred to as OBBBA, this learning provides a current view of these essential topics. Professionals are exposed to important business property-related timing issues and planning opportunities that can lower a client's tax liability. Strategies laid out in the course empower practitioners to consider the timing of recognizing gain and loss to achieve tax savings.

Part of Tax Staff Essentials Level 2
This online course is part of Tax Staff Essentials Level 2, a comprehensive learning program that provides experienced tax staff with the technical training required to gain independence.

Major subjects

• The tax life of a business.
• Selecting a business entity type.
• Section 199A and the qualified business income deduction.
• Accounting methods.
• Compensation of owners and hiring family members.
• Reasonable compensation.
• Depreciation, including Section 179 and bonus depreciation.
• Transactions with owners.
• Buy-sell and noncompete agreements.
• Retirement plan strategies for late-stage business owners.
• Starter 401(k) plans and SIMPLE plan enhancements.
• Provisions of H.R. 1, commonly referred to as OBBBA

Learning objectives

• Calculate gain or loss realized and recognized on Business property dispositions.
• Apply the capital losses limitations and preferential tax rates on capital gains.
• Determine the impact of depreciation recapture on a taxpayer's taxable income and tax liability.
• Determine the tax basis of property received in a like-kind exchange.
• Determine allowable cost recovery deductions for replacement property acquired in a like-kind exchange or involuntary conversion.

Who should take this program?

• Tax professionals with small-business clients.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $169.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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