Top 50 Business Tax Mistakes Practitioners Make How to Fix Them [BTBB Anc]

Full Description

The Top 50 Business Tax Mistakes Practitioners Make and How to Fix Them

June 7, 2012

Location:
Alaska Society of CPAs
341 West Tudor Rd. #105
Anchorage, AK 99503

$295 Member Fee
$445 Non Member Fee

Learn the traps practitioners fall into -- before you make the mistake. Attend this enjoyable yet very informative course that will explore, in a practical way, the top errors made in compliance and tax planning for business entities. The focus of this course is how to avoid these missteps and plan for a better tax result. Experienced practitioners will benefit from a wealth of knowledge that can be applied to their practice.

Major Topics:
Delve into the unique pitfalls inherent in using any entity structure in operating a business, including:
S Corporations: lack of basis and failure to structure debt correctly; creating a surprise tax liability on formation; big mistakes if you do not plan correctly in a liquidation; what is reasonable compensation to shareholder employees; distributions and unwanted tax liabilities; failure to make proportionate contributions and distributions; and much more!
LLCs and partnerships: when you can't take wages; good tax debt vs. bad tax debt; knowing how to read an operating agreement; understanding the effect of special allocations; failure to recognize taxation on service partners; breakdown in distinguishing between a draw and a guaranteed payment; oversight in not taking into account limitations at the entity level; pension issues; and much more!
C Corporations: why small business owners should consider taking dividends; what is unreasonable compensation and is it important today; knowing when to hold onto the C Corporation entity (now might be the time) and knowing when to switch; getting hit with double taxation; and much more!Discover the tricks and traps in:
Travel and entertainment: the IRS has won a lot of battles denying tax deductions in this arena. It takes great planning and skillful documentation to win. See the big mistakes and what it would take to fix them.
Dealing with the IRS: techniques to handle an audit, what to do, and what not to do!
Buying and selling a business: tax allocation of the purchase price from both the buyer's and seller's viewpoint, installment sales, and financing.
Related party transactions: explore business issues and the significant tax problems that can occur with failure to recognize a related party transaction.
Miscellaneous topics: a host of other important issues will also be covered in brief.

Learning Objectives:
Recognize business transactions that have significant tax effects and the need to do proper tax planning.
Be aware of the most substantial mistakes that practitioners can make in dealing with the tax aspects of businesses.
Who Will Benefit:
CPAs who wish to get a broader insight into tax planning by understanding the significant mistakes professionals can make and how to avoid them.
Level of Knowledge: Intermediate
Prerequisite: Experience with business clients
Advanced Preparation: None

Credits: 8
Field of Study: Taxes
Acronym: BTBB
Discussion Leader: Pamela Davis-Vaughn is a general practitioner providing accounting, tax, and consulting services to clients across the United States from her office in Painted Post, New York. She has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech, and has been a highly rated speaker at the Controllers Roundtable, a sponsored event for controllers of automobile dealerships in Texas. In addition to her accounting practice, Pam and her husband, Darryl, are owners of One Main Place Farms, an organic farming operation located in upstate New York.
Pam has over 25 years of experience in both public and private accounting sectors. Her public experience ranges from a Big Four firm where she assisted several Fortune 500 companies in restructuring their operations to provide state income and franchise tax savings, participated on the mergers and acquisitions team, and served as the Southwest Area Employment Tax practice leader to providing tax consulting services for closely held businesses of a 16-partner, 100-staff Dallas CPA firm. Her experience in the private sector as CFO of a Dallas based manufacturer servicing the telecom industry and Tax and Accounting Manager of a large independent oil and gas company provides her with significant insight into the challenges faced by those practicing in industry.
Pam holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University. She holds a license to practice in Kansas, Texas, and New York.

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