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Choice of Entity and Succession Planning: Tax and Non-Tax Issues

Understand the tax advantages and disadvantages to better advise your clients and also learn how the new tax act impacts 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. You should gain a 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 and/or key employees or in the alternative getting ready to sell the business at its optimal value and providing an income stream post-ownership for retirement.

Runtime: 92 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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 (NonFamily Members Fill the Gap)
  • Importance of Insurance and Insurance Management
    • Another Cash Flow Demand Is It Worth It?
    • BuySell
  • 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
    • Spinoff 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?
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 21, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kevin Carmichael, MS, JD, LLM, CPA

Kevin Carmichael, MS, JD, LLM, CPA

Wood, Buckel & Carmichael, PLLC

  • Tax Partner with the Naples office of Wood, Buckel & Carmichael, PLLC
  • Practice focuses primarily on matters concerning business entity and business succession law, federal and state taxation, international tax and tax controversy, not for profit law and tax and estate planning
  • Works with a number of businesses in the Construction, Tech and Real Estate industries on business, tax, structuring, governance, M&A and succession planning issues
  • Founding director of the Center for Great Apes in Wauchula Florida and recently stepped down as Chairman after serving for 12 years
  • Has a great deal of legal, accounting and governance experience as a director, officer and advisor of not for profit organizations
  • Served on the Board of Directors of the Association of Graduates of the United States Air Force Academy and the Board of Governors of the Florida Institute of Certified Public Accountants
  • Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years; also taught Income Tax Law at Ave Maria Law School in the Spring of 2012, Corporate Tax in 2013 and Partnership Tax in the Spring of 2014, 2015 and 2016 and Exempt Organization tax law in the fall of 2014
  • Admitted to practice before the U.S. District Court for the Middle and Southern Districts of Florida, the U.S. Claims Court and the U.S. Tax Court
  • Certified Public Accountant and a member of the Florida Institute of Certified Public Accountants
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401540
Published 2018
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