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How You Can Start Offering Tax Advisory: a Realistic Roadmap - November 29, 2022
START DATE:11/29/2022
START TIME:9:00 AM CST
DURATION:60 MINUTES
ABSTRACT:
Proactive tax advisory has experienced a lift since about 2010, but really took off around 2016, and has been a buzz word for traditional accountants to make more money while working less. Somehow, technology, progress and resulting efficiencies made accounting work more of a need (vs. want) and a commodity over the last 2 decades of the past century and the first decade of the current one. And somehow, working 60-80 hours a week has become a badge of honor for accountants trying to compete for business and fees. It’s a losing proposition, if you ask me. Tax advisory is a way out for both us as accountants and our clients. We get to work less, charge more for our expertise, and the client gets to save more and have more meaningful support for their business and life. So it’s a win-win! Whether you’ve been trained in tax planning or advisory before, tried it out or are just considering it, there is a gap between theory and realistic practice. In this session, you will bridge that gap and learn how to implement it into your business immediately.
LEARNING OBJECTIVES: By completing this session, you will be able to: · Shift your mindset so that you understand how you can start offering tax advisory now · Understand the business model (one time planning + ongoing, which is optional) · Identify client scenarios, fees and client ROI · Determine clarifying questions to be asked at Discovery, and offers to be presented (with a deadline) · Gain confidence in your pricing strategy for all components of the offers · Have a roadmap of how to implement this fast step-by-step into your business
WHO SHOULD ATTEND? Anyone who prepares or reviews tax returns and other accounting work, and is not yet convinced that tax planning advisory = value billing. Course Level: Intermediate Course Length: 60 Minutes Prerequisites: NONE Delivery Method: Group-Live Internet Field of Study: Taxes - Technical Recommended CPE: 1 Recommended CE: 0
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Reasonable Compensation for S Corps - December 7, 2022
START DATE:12/7/2022
START TIME:11:00 AM CST
DURATION:120 MINUTES
ABSTRACT:
Between 2010 and 2020 a parade of Court Cases, IRS Factsheets, Job Aids and Internal Memos, plus Heightened IRS scrutiny and Preparer Penalties has brought the issue of ‘Reasonable Compensation for S Corp’s” out of the shadows and placed it forefront as a priority issue for CPA’s, EA’s, Tax and Financial advisors to cover with their clients. We will explore key court cases, IRS guidelines, preparer penalties and some of the obscure tools the IRS has put in place. We debunk common myths and fiction on how reasonable compensation should be calculated and replace it with facts and methodologies that the IRS relies on. LEARNING OBJECTIVES: By completing this session, you will be able to: Recognize the basic advantages of Distributions V. Salary/Wages Assess the consequences of an IRS re-characterization of distributions Identify key Reasonable Compensation court cases Discuss the IRS guidelines for determining Reasonable Compensation Determine when Reasonable Compensation applies to your client Explain advanced scenarios Identify IRS Red Flags Select the appropriate approach for determining Reasonable Compensation WHO SHOULD ATTEND? CPA & EA practitioners who advise S Corps on the issue of Reasonable Compensation who are interested in learning about current IRS guidelines, and solutions for advising their clients on the issue of Reasonable Compensation. Course Level: Basic Course Length: 120 Minutes Prerequisites: NONE Delivery Method: Group-Live Internet Field of Study: Taxes Recommended CPE: 2 Recommended CE: 2 IRS Course Category: Federal Tax Law Topics/Federal Tax Related Matters Online: NESGF-T-00162-22-O In-Person: NESGF-T-00162-22-I