Mid-Year Tax Strategies: Planning for Businesses

Overview

This course is designed for tax practitioners seeking to update their knowledge of business income taxation and provide timely, effective tax planning advice to clients before year-end. Participants will receive an extensive review of key business tax issues for the current tax year, including the latest updates to the Internal Revenue Code (IRC). Additionally, the course will explore expected tax changes under the current administration, preparing practitioners to advise clients on how these developments might impact their business operations. With a focus on practical planning strategies, this course will equip tax professionals with the tools they need to address business tax concerns such as employee classification, depreciation, and compensation. Participants will learn how to help clients make informed decisions that maximize tax benefits and ensure compliance with evolving tax laws.

Highlights

• Legislative changes affecting business tax planning
• Depreciation, start-up expenses, and profit motive issues
• Employee classification, compensation, and benefits
• Business use of home, vehicle, and meals/entertainment deductions
• Cryptocurrency and marijuana-related tax concerns
• Section 199A and penalties related to business operations

Prerequisites

Basic understanding of business taxation.

Designed For

CPAs, EAs, attorneys, financial planners, insurance agents, and bankers

Objectives

At the end of this course the participants will be able to:

• Discuss major changes to the Internal Revenue Code due to recent business tax legislation.
• Identify tax planning strategies to optimize clients' business operations under current tax laws.
• Analyze potential business tax changes from the current administration.
• Advise clients on employee classification, compensation, and retirement plan issues.
• Explain business-specific tax matters like depreciation, start-up expenses, and home office deductions.
• Advise clients in handling penalties, health insurance issues, and business use of vehicles.