Guide to Business Taxation

Course Description:

Americans who want to be their own boss are not entirely on their own. They have a rich uncle - Uncle Sam - who is there to help, as well as to make demands. The nation's tax laws are intended to encourage people to start new businesses and are chock full of incentives and tax breaks, as well as sometimes onerous reporting requirements.

This course is a fast-paced and entertaining guide through tax issues affecting business entities and their owners. The focus of this class is on tax devices and techniques available to the small-business owner. Emphasis will be given to operational deductions, fringe benefits, compensation, family income splitting, retirement plans, and estate planning.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Recognize sole proprietorships, partnerships, and corporations as organizational formats for new and existing businesses.
• Identify how choice of entity relates to the types of records to keep, noting issues related to substantiation and documentation.
• Specify available accounting periods and methods and the methods for identifying and valuing inventory items.
• Identify deductible business travel expenses.
• Determine the factors associated with the business purpose requirement noting how they determine deductible expenses for meals and entertainment.
• Choose the applicable federal per diem rate from any one of three methods and state the different reporting and income inclusion treatments given to self-employed persons or reimbursed employees.