New Businesses - Advising Clients on Related Tax Issues

Overview

One of the biggest tax mistakes made by businesses involves the selection of an inappropriate entity type or not properly handling the rules that apply to allow certain structures to be formed tax-free. Should a client be a corporate tax entity? Is it possible that they might qualify for a tax-free exit under Section 1202 so that a C corporation makes sense? Maybe an S-election is better? Or is this all wrong and is a tax partnership structure far more appropriate? This course will help participants understand both how to advise clients to select a proper entity and how to structure the formation to reduce or totally eliminate immediate taxation.

Prerequisites

Experience advising clients on tax matters

Designed For

CPAs, accountants, and financial professionals who advise clients that start new business ventures.

Objectives

• Explain the advantages and disadvantages of various business structures
• Recognize new businesses that could be formed to allow a tax-free exit via Section 1202
• Properly report the transactions related to business formations on tax returns

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.