Description
Understand the tax advantages and disadvantages to better advise your clients on entity selection.Successfully forming an exempt organization and filing for a federal income tax exemption is complicated. It involves understanding and navigation of both state and federal laws. The exempt organization portions of the Internal Revenue Code and corresponding Treasury Regulations are complex and intellectually dense. This topic will provide a method of navigating the forms and the rules that will allow you to start filing these applications and to avoid common errors. Gain practical knowledge of entity selection and use when creating, operating, or expanding a business. In addition, you should gain a basic understanding of how to transition a business to family members andor key employees, or in the alternative, getting ready to sell the business at its optimal value and providing an income stream postownership for retirement.
Date: 2021-05-19 Start Time: End Time:
Learning Objectives
Choice of Entity
• Effect of Tax Act of 2017 on Entity Selection
• General Comments
• Differing Objectives of Members of Business
• Should I Create a C Corporation?
• Corporation Basics
• Should the Comparison to Flow Throughs Be Based on Immediate Distribution of Earnings?
• 1202 Corps
• Pass Through Entities
• Partnerships
• S Corps
• Sec 199A
• Comparison of Aggregate Rates
• Should the Comparison of C Corps to Flow Throughs Be Based on Immediate Distributions of Earnings?
• Partial Reinvestment to Accommodate Differing Objectives
Business Succession Planning
• What Is Business Succession Planning?
• Management Succession
• Ownership Succession
• Rules or Bylaws of the Family Business
• Who Are the Players?
• When Should Succession Planning Begin?
• Understanding and Optimizing the Business Organizational Structure for Succession or Sale
• Considerations Under the Tax Act of 2017
• HR • the Often Missing Element
• Key Employees (Non-Family Members Fill the Gap)
• Importance of Insurance and Insurance Management
• Another Cash Flow Demand • Is It Worth It?
• Buy-Sell
• Should You Consider Moving Your Business to Another State to Lower Taxation and Transmit More Value?
• Understanding Post Sale or Transition Effects on Cash Flow for Senior Generation
• Getting Value to Spouses or Children Not in the Business
• Spin-off of Real Estate Assets
• Recapitalizations and Gifting
• Getting Ownership to Junior Generation
• What If the Junior Generation Fails? Can You Step Back in to Recover the Value of the Business?
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Kevin Carmichael, M.S., J.D., LL.M., CPA-Wood, Buckel and Carmichael, PLLC
