This course will provide a review of new tax laws, court cases, IRS rulings and notices, and other developments. We will explore the advantages and disadvantages of C corporations, S corporations, limited liability companies (LLC), general partnerships, and limited partnerships (including family limited partnerships).  This course will address important issues, planning opportunities, and techniques essential to providing service to all business clients.

• Choice of business entity considerations
• Key provisions of the American Recovery and Reinvestment Act of 2009
• Expanded small business NOL carryback elections
• Extended depreciation benefits for business taxpayers
• S corporation BIG tax – good-bye to the ten year wait!
• Exclude more gain on the sale of small business stock
• Corporations
• Getting in – the Section 351 rules
• Controlled groups – all for one and one for all?
• C Corporations
• Penalty taxes – PSC, AET and PHC
• The increasingly valuable Section 199 domestic production deduction
• S Corporations
• Final regulations on shareholder loan basis
• Watch for the new filing penalties
• Liberalized rules to fix election problems
• LLCs and partnerships
• Expensive expanded penalties
• Flexibility and complexity – making it work for your client
• Other topics
• Expanded depreciation deductions for leaseholds, restaurants and retailers
• Depreciation for small businesses – where we are in 2009

In addition to the topics presented in the 1-Day Business Entities course, Day 2 will cover:

• Corporations
• Incorporation planning and the Section 83 election
• Small business stock incentives – Sections 1045, 1202 and 1244
• Rules for corporate liquidations or dissolutions
• C Corporations
• AMT – a free pass for small corporations
• Shareholders and their corporations – the IRS hunts for constructive dividends
• The expanded role of Schedule M-3
• Personal service corporations – how to avoid the 35% penalty tax rate
• Extended charitable contribution benefits
• S Corporations
• Learn the ins and outs of the basis rules
• Longer range planning – the QSST and the ESBT
• The QSUB – a valuable tax “nothing”       
• Relief for self-employed persons – the pre-AGI health insurance deduction
• Self-rental rules – a trap for unwary taxpayers
• Penalty taxes – the BIG and others
• LLCs and partnerships
• Qualified joint ventures – lessening the administrative burden
• Does “checking the box” make sense for your client?
• Capital and basis…what it all means
• The “step up” of assets under Section 754
• Other topics
• An update on IRS attacks on family limited partnerships
• The new rules for tax preparer penalties
• Nexus considerations