Corporate Tax Planning - Oklahoma Society of CPAs

Overview

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.

Highlights

Business Forms & Characteristics

Corporate Formation & Capitalization

Corporate Principals & Employees

Basic Fringe Benefits

Business Entertainment

Insurance

Retirement Plans

Nonqualified Deferred Compensation

S Corporations

Business Dispositions & Reorganizations

Prerequisites

General understanding of federal income taxation.

Designed For

This program is appropriate for professionals at all organizational levels.

Objectives

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.

Recognize partnerships and their advantages and disadvantages, identify partnership taxation particularly the application of the passive loss (469) and at-risk rules (465), and determine correct partnership income or loss reporting stating the role of husband and wife partnerships and limited partnerships.

Identify the reporting requirements of estates, trusts, and unincorporated associations, determine what constitutes a "corporation" for a subchapter S or regular corporation, specify the characteristics of a personal service corporation, and recognize the repeal of the alternative minimum tax for regular corporations.