An expert practitioner will reveal how you can implement hidden tax-planning strategies today to reduce the tax bill for your company or clients. Now’s the time to become privy to these 10 lesser-known—yet essential—tips to ensure more favorable results this tax season. This insightful self-study webinar will share ways to take advantage of available tax benefits and deductions to help minimize tax liabilities. You’ll discover the advantages of:
- Section 199A planning
- Switching entities to S Corporations
- Entity structuring
- Escaping specified service business limitations
- IRA choices
To provide tax professionals with 10 hidden tax planning strategies to apply now to help minimize tax liabilities for their company or clients this tax season.
- Available tax benefits of small businesses electing cash method of accounting
- Depreciation changes and the benefits of cost segregation
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Section 199A planning
– Deferring income to result in taxable income falling below limiting thresholds
– Benefits of switching entities to S Corporations - Entity structuring to allow partners to receive W-2 income
- Grouping itemized deductions in one year to take advantage of deductions and maximize standard deduction
- Retirement planning for small business under the Secure Tax Act of 2019
- Analysis of business that may escape the limitations of specified service business classification
- Inventory and construction accounting for qualified small businesses
- IRA choices after the new law
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Miscellaneous other perks
• Recognize the consequences of ARPA Recovery Rebate advances in excess of the eligible amount
• Recognize business attributes necessary to qualify for the employee retention credit
• Recognize the gross receipts threshold under which small businesses qualify for specialized accounting for inventory
• Identify contract qualifications allowing small businesses an exception from use of the percentage completion method for the construction or improvement of real property
• Recognize the IRS’ position regarding the use of pass-through entities (PTEs) as a workaround against the SALT deduction limitation
• Recognize entity’s qualifying for the Section 199A deduction
• Identify “reasonable compensation” in the context of the Section 199A deduction and S corporations
• Identify rule changes to NOLs in response to the COVID epidemic
• Identify changes to the RMD rules under the SECURE Act