Tax Planning for Small Businesses - Tax Staff Essentials

This product has been updated to reflect changes under H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act or OBBBA.

Tax planning strategies for now and then

Clients want help with present and future business services. Which tax planning strategies will you provide for your corporate and small business clients?

Course materials are updated for the latest legislation and IRS guidance. They provide the information needed to answer tough questions and show you the best strategies for your clients.

Materials are updated for the following tax changes:

• Required minimum distribution (RMD) requirements
• 529-to-Roth IRA and 529-to-ABLE rollover availability
• Increased SIMPLE plan catch-up contribution limits
• The Starter 401(k) plan for small businesses
• Roth contribution options for SIMPLE and SEP plans
• Student loan payment matching contributions for retirement plans
• Solo 401(k) adoption flexibility for sole proprietors
• Mandatory Roth treatment of catch-up contributions for high earners
• Automatic enrollment requirements for newly established 401(k) and 403(b) plans

Meet the needs of small businesses at every stage

Even though the materials focus on taxes, taxes are only one of many considerations a small business owner must make when forming a new entity.

The course covers common small business matters at different stages in the business lifecycle:

• Growth stage
• Maturity stage
• Late-maturity stage
• Decline stage

Content for all entity types

What do you need to do to form a sole proprietorship, partnership, or other type of entity? As we address this question, you will consider the nuances of each entity structure.

Part of Tax Staff Essentials Level 4

This self-study online course is part of Tax Staff Essentials Level 4, a comprehensive learning program that provides tax managers, directors, and partners with the advanced technical training required to work with their most sophisticated clients.

This course can be purchased individually or as part of the Tax Staff Essentials Level 4 bundle.

Who Will Benefit

Tax professionals with small-business clients

Key Topics

• The tax life of a business
• Selecting a business entity type
• Section 199A and the qualified business income deduction
• Accounting methods
• Compensation of owners and hiring family members
• Reasonable compensation
• Depreciation, including Section 179 and bonus depreciation
• Transactions with owners
• Buy-sell and noncompete agreements
• SECURE 2.0
• Retirement plan strategies for late-stage business owners
• Starter 401(k) plans and SIMPLE plan enhancements

Learning Outcomes

• 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.
• Differentiate the advantages available for small businesses based on entity type.
• Apply the four tiers of business losses for noncorporate taxpayers.
• Analyze which activities of a taxpayer are subject to self-employment taxes.