• Starting a business — the tax life of a business
• Selecting a business entity type
• Section 199A and the Qualified Business Income deduction
• Accounting methods
• Reasonable compensation issues
• Depreciation, Section 179, and bonus depreciation planning considerations
• Retirement planning
• Buy-sell and noncompete agreements
• Tax considerations when selling a business
• Partnership hot assets and other look-through provisions
Learning Objectives
When you complete this course, you will be able to: • Identify important tax considerations for the small business at each stage of its life.
• Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
• Recall the tax treatment of fringe benefits granted to partners and S corporation shareholders.
• Recall the tax implications of contributions by new investors to a corporation and partnership.
• Identify the benefits and structures of buy-sell agreements for small business owners.
Major Topics
• Starting a business — the tax life of a business
• Selecting a business entity type
• Section 199A and the Qualified Business Income deduction
• Accounting methods
• Reasonable compensation issues
• Depreciation, Section 179, and bonus depreciation planning considerations
• Retirement planning
• Buy-sell and noncompete agreements
• Tax considerations when selling a business
• Partnership hot assets and other look-through provisions
