Bundles

Day Two: Business Update  & LLC & S Corps Analysis

Author/Speaker: Art Werner & Mary Jane Hourani

• 08:00 – 12:00 – Business Tax Update – Art Werner
• 13:00 – 16:00 – LLC & S Corps: A Comparative Analysis – Mary Jane Hourani
• Field of Study: Taxes | Federal Tax Update
• Credits: 8
• Format: Live In-Person

Both Days

• Sign in: 07:30 – Continental Breakfast Provided
• Lecture Starts: 08:00
• Periodic breaks will be provided
• Lunch will not be provided
• Lecture ends at 4:00

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Course Description

With new Presidents and new Congress comes new tax changes. Our responsibility as advisors and preparers is to interpret these changes and guide our clients on the best path. Art Werner will provide a comprehensive review of business income tax complexities, including updates of tax legislation, planning strategies, that will be essential for the tax practitioner who wants to update their knowledge of business income taxation. Mary Jane Hourani will then lead  an in-depth comparative analysis of Limited Liability Companies (LLCs) and S Corporations, focusing on their tax implications, compliance requirements, and operational structures. Participants will explore key aspects of entity formation, tax treatment, and compliance with corporate formalities. Topics include electing Subchapter S status, mechanics of Form 2553, and relief options for late filings under Rev. Proc. 2022-19. The course also highlights entity-specific tax forms, accountable plans, taxable fringe benefits, officer reasonable compensation, estate planning, business continuation planning, and audit strategies. Additionally, participants will review Schedules K-1, K-2, K-3, and effectively connected income for both entity types.

Learning Objectives

To provide participants with both an update and instructions so that the participants will have the necessary knowledge to complete IRS Form 1099’s, 1041, 706, 1065, 1120, 1125 A, and 1125 E (business issues) and various business income tax returns for the tax season.Compare and contrast LLCs and S Corporations to determine suitability for various clients.Provide a general overview of LLC structures and their tax implications.Discuss the interplay of LLCs and S Corporations with self-employment tax.Prepare Form 2553 for electing Subchapter S status and identify relief options for late filings.Analyze Rev. Proc. 2022-19 and Rev. Proc. 2023-3, and understand their differences and applications under I.R.C. §1361 and §1362.Identify and address S Corporation eligibility errors and implement corrective measures.Review corporate governance procedures and compliance requirements for LLCs and S Corporations.Examine shareholder stock and debt basis for S Corporations.Highlight key aspects of Forms 1120S, 1065, and related schedules (K-1, K-2, K-3).Discuss officer reasonable compensation and general partner guaranteed payment requirements.Apply facts and circumstances in advisory services to determine reasonable compensation.

Major Topics:

Review of essential IRC SectionsReview of new legislationSchedule C and Schedule F issuesSchedule E IssuesPartnership issuesCorporation issuesLLC issuesQualified retirement plan issuesIRC 280Current Tax TopicsComparative analysis of LLCs and S CorporationsEntity formation, compliance, and operational structuresSelf-employment tax and its implications for LLCs and S CorporationsForm 2553 preparation and relief for late filingsRev. Proc. 2022-19 and Rev. Proc. 2023-3: analysis and applicationS Corporation eligibility errors and corrective measuresCorporate governance and formalities for both entity typesShareholder stock and debt basis for S CorporationsForms 1120S, 1065, and related schedules (K-1, K-2, K-3)Officer reasonable compensation and general partner guaranteed paymentsAudit strategies, estate planning, and business continuation planningTo complete this course participants need to: Be present the day of the eventUpon course completion a course evaluation form is provided for your feedback.CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.orgOur Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/

This year we will see some significant changes in tax law. President Trump has asked Congress to pass a new tax bill that could have major impacts. This course will provide a comprehensive review of business income tax complexities, including updates of tax legislation, planning strategies, and will be essential for the tax practitioner who wants to update their knowledge of business income taxation to assist their clients better. As we look at all the changes made over the year, we will discuss the options your client has to get the most out of their return. This course will cover a broad range of topics you won’t want to miss.

Learning Objectives

To provide participants with both an update and instructions so that the participants will have the necessary knowledge to complete IRS Form 1099’s, 1041, 706, 1065, 1120, 1125 A, and 1125 E (business issues) and various business income tax returns for the tax season.

• Review of essential IRC Sections
• Review of new legislation
• Schedule C and Schedule F issues
• Schedule E Issues
• Partnership issues
• Corporation issues
• LLC issues
• Qualified retirement plan issues
• IRC 280
• 199A Pass-Through broken down
• Secure Act 2.0
• Current Tax Topics

 To complete this course participants need to: Be present the day of the eventUpon course completion a course evaluation form is provided for your feedback.CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.orgOur Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/

COURSE SUMMARY GOES HERE

COURSE SUMMARY GOES HERE

This course is essential for the tax practitioner who wants to update their knowledge of individual income taxation. This course will provide a comprehensive review of Form 1040 and schedules A-F, SE, 2106, 1099, and 1098 complexities, including, updates of tax legislation and planning strategies to better assist your clients.  How can you better prepare your client for next year? When filing what strategies can I take advantage of for my client? You have the questions; Art has answers for you. An update is an update, this is Tax Law changes, out with the old in with the new.Learning Objective:To provide participants with both an update and instructions so that the participants will have the necessary knowledge to complete IRS Form 1040 for the tax season and be able to offer tax planning strategies to their clients.Review of essential IRC SectionsReview of new legislationNew credits, deductions, and tax reliefAlternative Minimum Tax issuesIndividual retirement plan issuesTo complete this course participants need to: Be present the day of the eventUpon course completion a course evaluation form is provided for your feedback.CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.orgOur Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/

December 3rd & 4th

This is for selling 2024 FTU over the phone. This only includes the Federal Tax Update LIVE IN PERSON

COURSE SUMMARY GOES HERE