Key Individual, Partnership and S Corporation Tax Planning Ideas and Strategies (WEBCAST ATTENDANCE)

Overview

With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This course presents the most important income tax planning ideas wealthy clients and closely held business owners need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client. Continuously updated for the latest legislation and IRS guidance. /Most of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.

Highlights

• Retirement planning in light of IRA and RMD changes 
• Comprehensive coverage of the One Big Beautiful Tax Bill Act 
• Changes to the lifetime estate tax exemption considering proposed regulations 
• Social Security - the latest on the looming solvency crisis 
• Review of pertinent changes from recent legislation 
• Reading a tax return for developing client-specific tax strategies 
• Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future 
• Compensation and fringe benefit issues 
• Identify clients with net investment income tax problems and the potential ways to reduce or eliminate them 
• All in the family: Tax tactics for spouses, children, and parents 
• Timely coverage of breaking tax legislation 
• Tax consequences of retiring partners seeking liquidating distributions/redemptions and S corporation shareholders seeking the redemption of their shares 
• At-risk and passive activity loss considerations 
• Basis planning 
• Related party transactions: making them work 
• Income splitting and shifting with family can create considerable benefits 
• Sale of ownership interest and NIIT considerations

Prerequisites

Experience with business clients and in individual income tax planning and income tax return preparation

Designed For

All practitioners involved in tax planning for individuals who need to go beyond basic tax and financial planning techniques, including all tax practitioners working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies.

Objectives

• Identify areas where individual taxpayers are not taking full advantage of the Code
• Know the directions in which taxes are changing or are likely to change and how that affects planning
• Understand how the strategies and techniques in business-related tax planning are modified for pass-throughs
• Understand the special problems when transactions involve the business, its investors, and related businesses and individuals

Preparation

None

Notice

• This seminar is co-sponsored with and administered by the South Dakota CPA Society

• This seminar has been approved for IRS CE credit. To receive IRS CE credit, you must complete the IRS CE Credit Request Form within 30 days of the seminar.