Understand the tax advantages and disadvantages to better advise your clients on entity selection.
Successfully forming an exempt organization and filing for a federal income tax exemption is complicated. It involves understanding and navigation of both state and federal laws. The exempt organization portions of the Internal Revenue Code and corresponding Treasury Regulations are complex and intellectually dense. This topic will provide a method of navigating the forms and the rules that will allow you to start filing these applications and to avoid common errors. Gain practical knowledge of entity selection and use when creating, operating, or expanding a business. In addition, you should gain a basic understanding of how to transition a business to family members and / or key employees, or in the alternative, getting ready to sell the business at its optimal value and providing an income stream post-ownership for retirement.Learning Objectives
- You will be able to identify the Business Organizational Structure for Succession or Sale.
- You will be able to recognize the family dynamics affecting the sale or succession plan.
- You will be able to differentiate between the advantages and disadvantage of various entity types.
- You will be able to identify the stock implications of entity types.
Agenda
Choice of Entity- Effect of Tax Act of 2017 on Entity Selection
- General Comments
- Should I Create a C Corporation?
- 1202 Corps
- Pass Through Entities
- What Is Business Succession Planning?
- When Should Succession Planning Begin?
- Understanding and Optimizing the Business Organizational Structure for Succession or Sale
- HR - the Often Missing Element
- Importance of Insurance and Insurance Management
- Should You Consider Moving Your Business to Another State to Lower Taxation and Transmit More Value?
- Understanding Post Sale or Transition Effects on Cash Flow for Senior Generation
- Getting Value to Spouses or Children Not in the Business
- Getting Ownership to Junior Generation
- What If the Junior Generation Fails? Can You Step Back in to Recover the Value of the Business?
Speaker
Kevin Carmichael, M.S., J.D., LL.M., CPAFlorida Gulf Coast University
- Full time instructor of business and tax law at Florida Gulf Coast University
- Prior to become a professor, he practiced business and tax law for 35 years
- Certified Public Accountant and a member of the Florida Institute of Certified Public Accountants
- Practice focuses primarily on matters concerning business entity law and taxation, federal and state taxation, international tax and tax controversy, not-for-profit entities and taxation, estate planning, and business succession planning
- Admitted to practice before the U.S. District Court for the Middle and Southern Districts of Florida, the U.S. Claims Court, and the U.S. Tax Court
- Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years
- Teaching income, partnership, corporation, and not-for-profit tax law at Ave Maria Law School
