Taxes

There are different tax consequences depending on the structure used in the sale/purchase of a business. The buyer and seller are often adverse in their interests. Practitioners need to know the tax implications for both buyers and sellers and also any alternatives to get the most favorable tax results. The course includes structuring and reporting different transactions. It will include allocation of the purchase price in different transactions. Anyone that may advise a client on the buying or selling of a business will benefit. Discussion Leader: Ian Redpath

Your tax files contain all the information an “evildoer” would need to steal your client’s identity and wreak havoc in the client’s life. IRS Publication 4557 explains that you are expected to preserve and protect the confidentiality and privacy of that data but does not tell you how to use available tools to organize data collection and preservation. In this program, cyber-security expert Chris Jenkins walks you through security risks, the systems you need, and the procedures necessary to protect your clients’ data. Discussion Leader: Chris Jenkins

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 Leaders: Denise Appleby and Larry Pon

The determination of making a Section 754 election is an important one for any entity taxed as a partnership. If the election is made it forces mandatory adjustments under Sections 734 and 743. This course covers making and revoking the election, and accounting for the various adjustments on sales/exchanges and distributions. Anyone with client’s taxed as partnerships will benefit. Discussion Leader: Ian Redpath

A common audit issue is the loss limitation rules, and basis is a high priority audit issue for the IRS for S-corporation shareholders. This program focuses on how to correct a situation where a client deducted losses in excess of their basis in an S-corporation; anyone dealing with S-corporation shareholders will benefit. Discussion Leader: Ian Redpath

The IRS estimates that it loses over $10 Billion a year in employment taxes. One of the often audited issues today is the self-employment treatment of various types of partners and members in an LLC. Who is a W-2 employee and who is subject to self-employment taxes. Anyone with client’s taxed as partnerships will benefit. Discussion Leader: Ian Redpath

All that is certain is death and taxes! OK, but could we wait to pay the inevitable tax, until AFTER the equally inevitable death? Sure! The much-maligned Internal Revenue Code even includes sections explaining how to do that . . . and maybe have income that is never subjected to tax . . . at least not the income tax. Tax-Free Cash . . . Ian Redpath will explain a dozen legal ways to manage your affairs to produce it . . . and you will not be required to die to take advantage of all of them. Discussion Leader: Ian Redpath

There are different tax consequences to both businesses and owners depending on the tax entity used to operate the business. When clients are considering a change in form it may be for a non-tax reason but will still have tax considerations. The course discusses the legal and tax implications for the entity and owners when changing common forms of operations. Anyone advising business clients will benefit.

Tax law and rules for compliance can change and require the practitioner to know the change in order to provide the best service to a client. The monthly “Nugget” includes information on court decisions and IRS rulings our experts know should be shared with the client depending on you to avoid trouble, and to take advantage of opportunities for reducing the tax bill. Discussion Leader: Ian Redpath