This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little known estate planning techniques. The program covers step-by-step tax procedures to form, operate, and ultimately dispose of a closely held corporation. Distinctions between S and C corporations will be unraveled and guidelines for client direction given.
Delivery Method: Online Interactive Self Study
Advanced Preparation: None
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Author: Danny Santucci
Field of Study: Taxes
Passing Score: 70%
Publication Date: 02/14/2017
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Chapter 1: Business Forms & Characteristics
1. Specify the advantages and disadvantages of sole proprietorships including self-employed taxes and payment requirements and identify the characterization of sole proprietorship assets upon disposition.
2. Recognize partnerships noting their advantages and disadvantages, identify partnerships taxation particularly the application of the passive loss (Section 469) and at-risk rules (Section 465), and determine correct partnership income or loss reporting noting husband and wife partnerships and limited partnerships.
3. Identify the reporting requirements of estates, trusts and unincorporated associations, determine what constitutes a "corporation" from a subchapter S or a regular corporation, specify the characteristics of a personal service corporation noting the alternative minimum tax for such corporations, and identify preferences and adjustments that apply to different types of taxpayers.
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