Taxes

Join our essential tax course on Form 706 and learn how to navigate the upcoming changes from the Tax Cuts and Jobs Act, set to expire in 2026. With the lifetime exclusion poised to halve, understanding how to file for Portability of the Deceased Spouse Unused Exemption is crucial for safeguarding your clients’ estates. Don’t miss this opportunity to ensure you’re providing malpractice protection and optimal tax planning strategies! Discussion Leader: Larry Pon

Determining dependency is normally straight-forward in most situations. However, with the changing family dynamic in more current times, practitioners are more often facing unique living and social situations from their clients. In these unique circumstances, determining who is a dependent and who isn’t can be difficult. Through true to life discussion questions and plain English explanations of code sections, this course explores the modern idea of dependency after the Tax Cuts & Jobs Act (TCJA). Discussion Leader: David Peters

Financial planning for a small business is inherently tied with the owner. When you plan for the future of the company, you are planning for the individual as well. Trying to get the owner additional cash from his/her company is a common issue faced by many advisors.However, it is important to realize that the form of that cash movement may result in very different tax implications. Using easy to understand examples and cases, this course will explore the common methods used to transfer cash from a small business to the owner him/herself. We will look at how the tax implications differ depending on entity type and the form of payment. Discussion Leader: David Peters

S-Corporation taxation has lots of pieces. There are helpful elections you can make that can potentially save your client money. There are rigid rules to be adhered to. For example, if there is more than one class of stock, it can terminate the S-election. Learning how to successfully navigate these rules can make all thedifference. In this course, we will be discussing some of the more common specialty areas experienced by practitioners – late filing relief for S-elections, disproportionate distributions, and selling S-Corporation shares. While these items may not come up on every single Form 1120-S, you will be able to add more value to clients when they do! Discussion Leader: David Peters

Now that tax season is over, it’s time to transition all of your completed SMB (small-to-medium business) tax preparation engagements into new, higher revenue tax planning ones. Dawn Brolin, CPA, CFE, and The Designated Motivator for Accounting Professionals will show you how in six simple steps!

In this session, Dawn will walk you through the simplified tax planning process she uses for her Schedule-C and S-Corp clients including how she leverages entity planning as the natural starting point for every conversation and why reasonable compensation calculations are essential, and how they can be revenue-generators for your firm.

Attend this webinar to see first-hand from a fellow practitioner how to simplify the tax planning process for your SMB clients so you can help them reduce their tax obligations while providing more value and increasing your firm’s revenue potential. Discussion Leader: Dawn Brolin

S-Corporation taxation has lots of pieces. There are helpful elections you can make that can potentially save your client money. There are rigid rules to be adhered to. For example, if there is more than one class of stock, it can terminate the S-election. Learning how to successfully navigate these rules can make all the difference. In this course, we will be discussing some of the more common specialty areas experienced by practitioners – late filing relief for S-elections, disproportionate distributions, and selling S-Corporation shares. While these items may not come up on every single Form 1120-S, you will be able to add more value to clients when they do! Discussion Leader: David Peters

Navigating the complexities of small business partnerships requires a keen understanding of the financial dynamics at play. Small business owners often blur the lines between personal and company finances, leading to frequent distributions from these partnerships. As advisors, it’s crucial for us to comprehend the tax implications of these distributions, distinguishing which ones are safe and which might pose a problem. In our comprehensive course, we delve into partnership basis calculation, a critical yet often confusing aspect of our practice. We explore the distinctions between inside basis, outside basis, and 704(b) basis, shedding light on this intricate topic through easy-to-follow examples and practice problems. Additionally, we will discuss the different types of distributions-cash, property, and hybrid-providing clarity on scenarios where a mix of both cash and property is involved. Lastly, we will examine the tax implications of initial contributions of property to a partnership, ensuring a well-rounded understanding of partnership dynamics. Dicussion Leader: David Peters

Are you a new advisor handling an S Corp client, or perhaps a seasoned professional facing this common scenario: “My S Corp client didn’t take reasonable compensation last year. Now what?”

Knowing that reasonable compensation isn’t just a tax obligation, but a strategic financial decision, you need to be armed with expert knowledge to help your client navigate this situation. Join us to discuss IRS regulations, understand preventive measures, and address challenges within the year. Discussion Leader: John Morse

For two decades, the IRS has been preparing an assault on reasonable compensation for S corps. Their arsenal is now fully locked and loaded with everything from commonsense tools to obscure memos. We will explore key court cases, IRS guidelines, preparer penalties, and some of the obscure weapons the IRS has put in place. We will debunk common myths on how reasonable compensation should be calculated and replace it with facts and methodologies that the IRS relies on. Discussion Leader: Paul Hamann

No amount of planning and careful investment relieves the retired person of two burdens: 1) Cash will be required to live . . . food, occupancy, clothing, transportation, etc., and 2) Some cash will be required to pay federal, state, and local income and other taxes. This course discusses types of investments and planning to take to meet living needs while keeping income taxes low, or avoiding tax altogether . . . the Holy Grail of financial planning. Discussion Leader: Larry Pon