Find New Tax Saving Opportunities and Create More Tax-Efficient Business Structures
The 2017 Tax Act is complex, full of opportunities and traps for the unwary. Another round of tax reform may be coming, but you need to plan in the interim. The tax law has significantly altered the tax landscape for businesses and their owners – but the Treasury Department and the IRS have provided limited guidance so far. If you don’t fully understand what you can and can’t do under the new rules, you – and your clients – will most likely miss out on a narrow window of opportunity to take advantage of the new rules before they expire or are scaled back.
You know that the law lowered the corporate tax rate to 21% and made many other significant changes to taxation of individuals and businesses – including a new 20% deduction for certain qualified “pass-through” income – and modifications to both business and individual tax deductions. But what have you done to take advantage of these changes?
In this session, industry veterans David G. Shapiro and Fatima Hasan will demystify the key tax law changes impacting businesses and their owners. They will reveal the planning techniques through which you can take advantage of new tax deductions and lowered rates, point out the traps you and your clients should avoid – including the known unknowns – and walk you through how the complex new provisions interact with state taxation.
This session will provide a clear outline of major federal tax law changes, including tax rate changes, the “pass-through” deduction, modifications to rules regarding deduction of certain expenses, and future trends. Shapiro and Hasan will present concrete numerical examples to help you easily understand the tax differences under different scenarios. You will learn how to develop tax-efficient structures for different types of businesses and business owners, taking into account both current tax planning and planning for business sale or succession.
After attending this instructive session, you will be able to review, modify or create new tax-efficient business structures, find new tax saving opportunities through tax accounting changes, and plan new deduction limitations for your company and your clients.
This session will bring you up to speed with:
Changes to business tax rates
Pass-through business income deduction and effective rate reduction for pass-through businesses
Expanded access to cash method of accounting
Increased expensing of certain business purchases, including transaction structuring opportunities
Effects of new business interest deduction limitations
Limitations on entertainment and certain other business expenses
New limitations on like-kind exchanges
Practical implications of limitation on deductibility of itemized deductions for individuals
Planning effects of increased lifetime estate and gift tax exemption
Overview of major international tax changes
NASBA & IRS Category of Study: Taxes
Who Should Attend
Accountants and attorneys
Business owners and professional planners/advisors rendering financial advice/services to businesses and their owners
David G. Shapiro is a partner and co-chair of the Tax Practice group of Saul Ewing Arnstein and Lehr LLP. He represents businesses and their owners in international and domestic tax planning. His practice covers both domestic and international business tax, domestic and cross-border expansion, joint...
Fatima T. Hasan is an attorney in the Tax Practice and Private Client group of Saul Ewing Arnstein and Lehr LLP. She focuses her practice on international and domestic taxation, wealth preservation, estate planning and probate matters. Hasan advises clients on complex tax and estate planning matters...