Gear Up Business Entities

September 21-22, 2010 | Ramada, Bloomington

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Credits: 16
Field of Study: Taxes
Prerequisites: General understanding of partnerships and corporation tax law
Course Level: Basic
Lodging Rate: $89 per night, single or double

Objective/Audience

This seminar is designed for practitioners who work with corporation and partnership taxation. It is also designed to give knowledge on what type of business entity would be appropriate for a particular client.

Content:

This course will provide a review of new tax laws including much anticipated 2010 tax legislation, court cases, IRS rulings and notices, and other developments. We will explore the advantages and disadvantages of C corporations, S corporations, limited liability companies (LLC), general partnerships, and limited partnerships (including family limited partnerships). This course will address important issues, planning opportunities, and techniques essential to providing service to all business clients.

Key provisions of the American Recovery and Reinvestment Act of 2009

• Extended depreciation benefits for business taxpayers
• S corporation BIG tax – goodbye to the 10 year wait!
• Exclude more gain on the sale of small business stock

Corporations

• Incorporation planning and the Section 83 election
• Small business stock incentives – Sections 1045, 1202 and 1244
• Rules for corporate liquidations or dissolutions

C Corporations

• Penalty taxes – PSC, AET, and PHC
• Fully phased in – the valuable Section 199 domestic production deduction
• AMT – a free pass for small corporations
• Shareholders and their corporations – the IRS hunts for constructive dividends
• The expanded role of Schedule M-3
• Personal service corporations – how to avoid the 35% penalty tax rate

S Corporations

• Watch for those expensive filing penalties
• Liberalized rules to fix election problems
• Learn the ins and outs of the basis rules
• Longer range planning – the QSST and the ESBT
• The QSUB – a valuable tax “nothing”
• The W-2 reporting trap – the pre-AGI health insurance deduction
• GAO report and recommendations to address
• S corporation noncompliance
• Penalty taxes – the BIG and others

LLCs and partnerships

• Expensive expanded penalties
• Flexibility and complexity – making it work for your client
• PAL rules and LLC members – not so fast, IRS
• Qualified joint ventures – lessening the administrative burden
• Does “checking the box” make sense for your client?
• Capital and basis – what it all means
• The “step up” of assets under Section 754

Other topics

• Making the most of expensing elections for qualifying costs of new businesses
• Depreciation for small businesses – where we are in 2010
• Expanded and extended COBRA premium subsidy credit
• NOL carryback flexibility expanded to most businesses
• Effect of 2009 expired tax breaks and the 2010 sunset provision
• Planning in an uncertain legislative environment
• Status of IRS National Research Program on employment taxes
• Accounting method changes – changes to automatic consent procedures
• SMLLC takes on the IRS in gift tax case and wins!
• The new proposed rules for tax preparer competency and conduct standards
• Updated 2010 limits and key figures

Speakers:

Tony Johnson, CPA; Mike Gordon, CPA

Schedule

Accommodations:

Ramada Mall of America | 2300 East American Boulevard | Bloomington, MN 55425 | 952-854-3411
$89 per night, single or double

Room reservation cutoff date — September 1, 2010