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.
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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 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.
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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
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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