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OnDemand Course

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.

Learning Objectives

  • You will be able to identify the most Common types of entities which might be used in the formation and operation of a business.
  • You will be able to identify common advantages and disadvantages of entities commonly used in business.
  • You will be able to recognize the advantages and disadvantages of an S corp and a partnership at a basic level.
  • You will be able to recognize the concept of business succession planning at a basic level.

Runtime: 92 minutes
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Why Lorman?

Over 33 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 33 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 Course

This course was last revised on August 30, 2018.

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

  • CPE/NASBA - QAS Self Study 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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, M.S., J.D., LL.M., CPA

Kevin Carmichael, M.S., J.D., LL.M., CPA

Wood, Buckel and Carmichael, PLLC

  • Tax partner with the Naples office of Wood, Buckel and Carmichael, PLLC
  • 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
  • Practice focuses primarily on matters concerning business entity law and taxation, federal and state taxation, international tax and tax controversy, not-for-profit entities and taxation, estate planning and business succession planning
  • Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years
  • Teaching income, partnership, corporation, and not-for-profit tax law at Ave Maria Law School
  • Can be contacted at 239-552-4100 or [email protected]
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Why Lorman?

Over 33 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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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 404859
Published 2018
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