TaxSpeaker

Business Tax in Depth

Live Seminar

Credit Hours: 16

By: Bill Leonard, CPA, CFFA

Registration for state sponsored events such as this one are handled by the individual states and not through our site. Contact information for registration is:

Phone: (480) 782-8872
Website: http://aztaxandaccounting.org/

Event Description:

The business in-depth class is the central reference point manual for preparing business tax returns. Similar to our 1040 class, this course begins with detailed discussions of business tax changes that have occurred during the year, whether from Congress, the IRS or the courts.
We then move to business formation issues including tax-free organization and choice of entity decisions. This class then provides an in-depth look at the tax organization, filing and compliance issues for all 3 of the major forms of business entities. For 2016 this course will also include special discussion of business tax credits and a focus chapter on financial management basics for business.

The discussion of S corporations includes elections, late “S” election, allowed shareholders, basis rules, distributions and accounting issues as well as the use of ESBT’s, QSST’s and the Q-Sub. The “S” discussion provides the forms, elections and statements needed to convert a sole proprietor to an S corporation or to convert an LLC to an s corporation, as well as the guidance needed to convert a C corporation. We also discuss troublesome operating issues such as officer compensation, debt basis, suspended losses and non-cash distributions.

The discussion of C corporations provides guidance on tax operating characteristics of the C corporation including accounting methods, choice of year-end, capital losses, net operating losses and a summary of consolidated return rules. Our discussion of C corporate reasonable compensation also includes an analysis of constructive dividend problems and concludes with a review of such problem issues as personal holding companies (PHC), personal service companies (PSC) and the accumulated earnings tax (AET).

Our LLC/partnership discussion includes organizational income tax elections and definitions and then moves to a completed example Form 1065. We discuss converting an LLC to an S corporation and provide an example election. We then move to operating issues of an LLC such as guaranteed payments, tax-free formation, partner self-employment tax issues, basis, ownership transfers and the sale of a partnership interest. Several case studies illustrated, with tax forms, the effects of a “walk-away” partner as well as the 754 step-up basis election. An in-depth discussion of equity accounts is provided along with detailed analysis of debt basis.

We also have a case study on late S elections with completed forms and IRS letters, and greatly expanded explanation of our LLC chapter with more coverage and 2 more case studies on LLC terminations including what to do when partners just walk away, and what to do with partners with negative capital accounts.

Sponsor Details

State Sponsor: Arizona Assoication of Accounting and Tax Professionals

Phone: (480) 782-8872

Email: david@christinezfreelandcpa.com

Sponsor Details

Sponsor: Arizona Assoication of Accounting and Tax Professionals

Attendee Requirements

Call society/sponsor for location and hotel information as needed.

All policies and registration and fees are established by society/sponsor.

Dress warmly in layers as the room may be cool.

Event Details
Seating:
LIMITED
Cost:
$0.00
Hours:
16
Event Dates and Times

TIME ZONES: PLEASE NOTE: All live seminar times are listed for the time zone which the seminar is being held.

Date 1 :   September 27, 2017
Time 1 :   8:00 AM    Add to Outlook
 
Date 2 :   September 28, 2017
Time 2 :   8:00 AM   
 
Contact Information
Speaker Bio(s)
Res bill square
Bill Leonard, CPA, CFFA

Bill Leonard CPA, CFFA holds licenses and memberships in Massachusetts, Rhode Island, Alaska and Singapore. He is the sole shareholder of W.A. Leonard & Company, P.C. and PT W.A. Leonard employing sixteen multi-lingual professionals that focus on meeting the needs of small businesses, individual...

Contact:
David Freeland
Email:
david@christinezfreelandcpa.com
Phone:
(480) 782-8872
Testimonials

Testimonial

Event Objective
Upon completion of this course, you will be able to-Explain the latest changes in tax law to your business clients; Summarize the various methods of accounting that are available; Determine the appropriate treatment for various business expenses; Assist clients with the formation of a C or an S corporation; Define a controlled group and determine the tax issues that are affected with controlled groups; Determine the proper classification of individuals working for you and assist clients in determining if individuals working for them are employees or independent contractors; Inform clients of the various characteristics and tax implications of the C corporation form of business entity; Determine if a corporation qualifies to file the election for S status; and much more..

Field of Study
Taxes

Prerequisites
2-4 years tax preparation experience

Event Level
Intermediate

NASBA Category
Taxes