Liquidating dividend from an investee
351 *Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P) *Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and E&P accounts*Determining the amount of the individual's shared responsibility penalty *Statutory exemptions from mandated health insurance coverage *Obtaining and calculating the amount of the premium tax credit *Reconciling the amount of the individual's premium tax credit awarded with the amount to which the individual is entitled *Ins and outs of Form 8962, Premium Tax Credit *Form 8965, Health Coverage Exemptions *Complete case study with filled-in forms *Navigating ACA compliance in the face of potential repeal*Section 1402(a)(1) exclusions from the definition of self-employment income *Application of the SE tax to members of limited liability companies *Taking a self-employed owner's health insurance deductions taken against self-employment tax *How using the S corporation and the MMLLC treated as a partnership can help reduce an individual's exposure to self-employment tax *How hiring a spouse and/or children helps reduce self-employment tax *Differentiating between income treated as self- employment income and income that is not self-employment income*Changing Role of Financial Professionals: *Priorities *Change in mission *Valued-added actions *Strategic Measurements: *Common errors and guidelines for improvement *Balanced scorecard *Strategy development and implementation *Budgeting basics and next steps *Risk Management: *Recent lessons *Defining Enterprise Risk Management (ERM) *Implementation *Developing a Financial Leadership Pipeline: *Changing employment environment *Retaining the right employees *Compensation *Hiring process *Capital Projects: *Types of projects *Factors affecting capacity *Valuation techniques *Cash management *M&A Activity: *Current environment *Controller's role *Strategic questions *Sample transactions *Due diligence *Implementation *Introducing Improvements/Innovation: *Getting started *Establishing an environment *Potential first projects *Organizational structure*Drag-and-drop pivoting, group and ungrouping, and drilling down to underlying details *Creating Pivot Tables from multiple ranges *Linking Pivot Tables to external database and financial accounting systems* Hiring and firing issues - What questions cannot be asked in an interview; how to document employee performance; establishing an annual review system; when an employer may and may not fire an employee, and much more * Employment contracts - An analysis of the legal and planning issues in structuring employment contracts; when noncompetition agreements will and will not work * Employment issues in the economy - Telecommuters and other special situations * Legal liability issues - Recognition of age discrimination, sex discrimination, FSLA issues, minimum wage, overtime, sexual harassment, and more * Fringe benefit issues - COBRA, Family and Medical Leave Act, and what is new in health care * Medical plans: who is a full-time employee? *The latest ideas dealing with the tax aspects of investments; dealing with all the issues of the passive activity rules *Identity theft: the latest issues and updates *Retirement planning strategies: qualified plans and IRAs, traditional and Roth; resolving issues of improper early or late distributions and rollovers *Practice aids, including inflation-adjusted amounts and some advance 2017 numbers, including mileage rates and more *Year-end tax planning ideas *Other late-breaking tax law changes, including post-election developments*The 20 common law factors in a worker classification audit that are used to distinguish an employee from an independent contractor *How disgruntled independent contractors can use IRS Form 8919 against a former employer *When and how to use Section 530 as a defense in worker classification audits *What is "industry practice" for Section 530 purposes *Common sense steps that will avoid characterization of workers treated as independent contractors as employees *The IRS's Voluntary Classification Settlement Program -- advantages and disadvantages*Update on proposed and potential tax law changes from the new presidential administration and Congress *Update on major enacted tax law changes, including the status of DOL overtime rule changes, the new partnership audit rules, the PATH Act, Social Security and more *Advanced practitioner issues *Health care reform: where are we and where may we be going?
)* Overall landscape of the construction industry * GAAP and recent changes affecting the construction industry * The recently issued Revenue Recognition Standard and its impact on the construction industry * Unique audit and review issues with construction contractors * The unique relationship between the contractor and the surety * Tax compliance issues facing construction contractors * Going concern disclosures and their importance to the construction industry * The new lease FASB ASU and its impact on the construction industry*Tax and important nontax aspects of different entities *Organizational issues *Special problems of personal service businesses *Effects of liquidations and dissolutions *Converting an existing entity into a limited liability company*Communication in the workplace *Different personality styles -- characteristics, strengths, weaknesses and how to connect with them *Building a stronger professional network *Types of networks and influential people *Best practices when attending conferences or networking events *Tips to improve your presentation skills and become more confident speaking in front of a crowd *Financial presentation tips -- visualization, practice, energy, slide count, answering questions and more *Presenting numbers for impact and understanding -- providing context; tables, charts and other visuals; formatting best practices; knowing your audience *Success with social media -- platforms, business benefits, how to get started and what to share *Writing effectively and clearly -- how to format your words, make your point, use active voice and use proper punctuation*Impact of the Protecting Americans Against Tax Hikes (PATH) Act of 2015 *Operating a business as a partnership vs. an S Corporation -- tax consequences, opportunities and pitfalls *Income tax laws for S Corporations -- eligibility, election, tax return preparation, stock basis and loss limitation issues *How to recognize and handle special pass-through income and expense items *How to prepare S Corporation returns and reconcile book income to taxable income *How to prepare partnership returns and reconcile book income to taxable income *How to handle the tax treatment of distributions to shareholders, partners or members *Restrictions and sanctions for tax year-end selection *Basics of partnership and LLC formation and basis calculation *How self-employment taxes do or do not apply to each entity type *How to prepare Schedule M-1, K and K-1 *How the Affordable Care Act affects tax returns *Frequently used forms and schedules, including filled-in examples*This program identifies strategic implementations regarding the relationship between intention, purpose and closure to the workday and their effect on transforming a workplace environment *Positive continuous improvement is increased when implementation of employee engagement techniques are in direct alignment with the organizations core values, mission and/or vision statement *This session is content rich, interactive and fun *Attendees will learn the strategies to assist them in creating an organization people want to work at and customers want to do business with*This program identifies strategic implementations regarding the relationship between intention, purpose and closure to the workday and their effect on transforming a workplace environment *Positive continuous improvement is increased when implementation of employee engagement techniques are in direct alignment with the organizations core values, mission and/or vision statement *This session is content rich, interactive and fun *Attendees will learn the strategies to assist them in creating an organization people want to work at and customers want to do business with*Emphasize any new legislative changes affecting S corporation and shareholders *Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e., page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1 *Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual's Federal income tax return and how the items affect the shareholder's stock and debt basis *Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders *S corporation formation issues under IRC Sec.*Enterprise Risk Management (ERM): *Defining ERM *Areas of focus *Implementation *Planning for disasters *Business continuity *Contingencies *Analytical Tools: *Post-completion evaluations *Simulation *Z-score *Hedging *Brainstorming *Mind mapping *Delphi technique*Making maximum use of the lower individual tax rates *Minimizing or eliminating exposure to the 3.8% tax on net investment income *Taking advantage of Roth IRA and traditional IRA opportunities *How to minimize Social Security and self-employment taxes *Reducing the cost of college by taking maximum advantage of college related tax benefits *Transferring income generating property to lower marginal income family members *Maximizing employer provided health benefits *New or late breaking legislative or regulatory developments with an impact on individual tax strategy*Recent Trends: *M&A activity *Contributing factors/reasons for record levels *Examples of recent transactions *Inversions *Strategic spin-offs/splits *Expanded Role of Financial Professionals: *Establishing strategy *Valuation techniques *Execution plan *Due diligence *Sources of industry information *Post-completion evaluations *Negotiations: *Improving your communication skills *Establishing an environment for success *List of Do's and Don'ts *Alliances and Outsourcing: *Steps to forming an alliance *Examples of recent alliances *Determining if outsourcing is correct for your organization *Steps to improve results*Update on proposed and potential tax law changes from the new presidential administration and Congress *Update on major enacted tax law changes, including the status of DOL overtime rule changes, the new partnership audit rules, the PATH Act, Social Security and more *Advanced practitioner issues *Health care reform: where are we and where may we be going? *The net investment income tax: planning for compliance and also for potential repeal *Family income-splitting strategies that need to be considered *Income tax issues: impact on timing of other income, selection of investments *Using Roth IRAs and Roth contribution programs to best advantage *Conversions: do they still make sense?*Review of pertinent cases and rulings regarding exclusions, character issues, retirement plans, travel and other items affecting your individual taxpayers *Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more *Recent developments with business entities, including C corporations, S corporations, partnerships, and limited liability companies; proposed changes to family limited partnership valuations *The latest on depreciation and safe harbor expensing options, including the ,500 de minimis expense item *The latest issues related to passive activities, substantiation and any other late-breaking tax law changes*Update on proposed and potential tax law changes from the new presidential administration and Congress *Update on major enacted tax law changes, including the status of DOL overtime rule changes, the new partnership audit rules, the PATH Act, Social Security and more *Advanced practitioner issues *Health care reform: where are we and where may we be going? *Taking distributions: matching timing to client requirements *Qualified plan contributions to reduce current income and Social Security tax: implications for business owners and self-employed *Prioritizing allocations among investment, retirement, and college funding vehicles *What to do about itemized deductions: will they still be available?*Update of FASB Statements and Interpretations and review of the activities of the Private Company Council.*Review of the latest Statements on Auditing Standards *Explanation of SSAE 18; Attestation Standards -- Clarification and Recodification.