Overview
Most of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.
Major Topics:
- New Tax Basis Capital Account reporting requirements
- Recent COVID-19 legislation, including the FFCRA, CARES Act, CAA 2021, and ARPA, with an emphasis on provisions relevant to passthrough entities
- At-risk and passive activity loss considerations
- Basis planning
- Related party transactions: making them work
- Income splitting and shifting with family can create considerable benefits
Learning Objectives
- Understand how the strategies and techniques in business-related tax planning are modified for passthroughs
- Understand the special problems when transactions involve the business, its investors, and related businesses and individuals
Designed for:
All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies
Prerequisite:
Experience with business clients
Advanced Preparation:
None