Smart Tax and Accounting Solutions for Small Business: 2-day In-person Seminar

By: Bruce E. Warner, CPA, Owner – Warner Financial Group, LLC and Bear Lake Tax & Accounting
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Course Description:

If you are looking for answer of these questions, you would certainly benefit by attending this seminar:

  • Are you a new or current small business owner who would like to ensure your business is organized to protect your assets and maximize your potential financial returns?
  • As a non-accountant, are you unsure how your books should be kept?
  • Do accounting concepts seem like a foreign language?
  • Do you want to save on taxes, and make sure you are in compliance with tax laws?
  • Do you want to understand what you should expect from the person that prepares your income tax returns and plans your tax strategies?

This highly interactive seminar will improve your understanding of how to operate your small business in the areas mentioned above.

This course on smart tax and accounting solutions for small business will:

  • Explain the reasons for choosing to run your business under each of several legal structures that are available: proprietorship, S or C Corporation, LLC or disregarded entity.
  • Highlight tips and potential traps associated with each type of business organization.
  • Provide suggestions for setting up your recordkeeping and accounting systems.
  • Explain IRS and state payroll tax compliance, state sales tax and nexus rules, and details on the content of income tax returns. A course bonus is a checklist of “to dos” for newly organized small businesses.

This seminar will cover following topics:

  • Small business organization structures
  • Asset protection and fraud prevention
  • Accounting and bookkeeping fundamentals
  • Charts of accounts
  • Recording basic financial transactions
  • Financial statement interpretation
  • Payroll tax compliance
  • Small business tax compliance
  • State income taxation
  • Federal income taxation
  • Federal tax audits
  • Income tax planning
  • Small business operations tips

Learning Objectives:

Upon completing this course on smart tax and accounting solutions for small business, participants will:

  • Learn how to protect their assets against legal claims and employee theft, while minimizing the number of tax returns that must be filed.
  • Be aware of important concepts involved in small business tax plans, such as: income and expense deferrals or acceleration, creating multiple streams of income, Section 1031 exchanges.
  • Learn how to deduct costs related to vehicles, tax rules on home offices, real estate professionals, passive activity treatment, selection of pension plans and alternative minimum taxes.
  • Understand financial statements and interact with their CPA effectively.
  • Be able to effectively monitor and manage their tax and accounting processes.
  • Learn how to distinguish between the asset, liability, revenue and expense, and owner’s equity accounts in their books.
  • Receive numerous tax planning tips for their small businesses.

Who Will Benefit:

  • Small Business Owners
  • Compliance Officers
  • Small Business Bookkeeping Personnel
  • Tax Managers
  • Financial Officers
  • Controllers
  • Accounting Managers
  • Auditors
  • Compliance Managers

Course Outline

Day One (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM

  • Overview of course and of learning objectives
  • Small business organization structures
    • Proprietorships, partnerships, C corporations, S corporations, LLCs and Series LLCs
    • Selection considerations
      • Effects on owners
      • Raising money and funding the business
      • Business purpose
      • Flow-through or stand-alone taxation
      • Life cycle issues
      • Tax basis differences
      • State of organization
    • Selection of a tax year
    • Examples and case studies
    • Establishing the organization and its bank and credit account(s)
    • Checklist of to dos
  • Asset protection and fraud prevention
    • The roles of insurance, due diligence, risk analysis
    • Organization structure planning
    • Bank guarantees
    • Small business internal controls
    • Compliance with business entity formalities
    • Internet exposures to fraud
  • Accounting and bookkeeping fundamentals
    • The accounting equation
    • Debits, credits, journals and accounts
    • The chart of accounts
    • Recording common transactions
    • Assets, liabilities, revenues, expenses and owners’ equity
    • Accounting differences by business entity
    • Clearing accounts
    • Adjusting journal entries
    • Financial statements
    • Audits, reviews and compilations
    • Selecting an accounting system
    • Cash vs. accrual basis of accounting
    • Accounting for inventory
    • Accounting for merchant internet sales
    • What records should I keep?
    • How to work with your CPA
Day Two (8:30 AM – 4:30 PM)
  • Payroll tax compliance
    • Payroll setup procedures
    • Payroll calculation methods
    • IRS regulations; state regulations
    • Tax deposit schedules
    • Employee vs. independent contractor
    • Guaranteed payments
    • Recording payroll expenses and taxes
    • Compliance reporting requirements
    • Preparing your payroll
    • Pre-tax benefits
    • Deducting medical insurance costs, claiming medical credits
  • Small business tax compliance
    • Sales tax, income tax, property tax, franchise tax
    • Tax return deadlines
    • Extensions of time to file
    • Tax record keeping requirements
    • Post-return preparation record keeping
  • State and local taxation
    • Nexus
    • Allocating taxable income among jurisdictions
    • Sales and use taxes
    • State-by-state differences
  • Federal income taxation
    • Overview of personal and business tax returns
    • Explanation of the taxation equation
    • Interest and penalties
    • Regular tax system and AMT system
    • Depreciation, Section 179 and special allowances
  • Federal tax audits
    • Document matching
    • Office audit
    • Field audit
  • Income tax planning
    • Entity planning strategies
    • Special tax provisions in the IRC that benefit taxpayers
    • Audit exposures, problem areas
    • Capital gain/losses
    • Business gains/losses
    • Passive activities
    • Strategies to deal with the AMT
    • Year-end and transaction planning
  • Small business operations tips and course summary

Meet Your Instructor

Bruce-Warner-90X112
Bruce E. Warner, CPA
Owner - Warner Financial Group, LLC and Bear Lake Tax & Accounting

Bruce E. Warner, CPA has over 30 years of experience in accounting and regulatory management capacities for The Williams Companies and MidAmerican Energy Company where he was responsible for testifying in regulatory proceedings and directing work in a wide variety of regulatory proceedings, including cost of service and rate design work in gas pipeline rate cases.

He has owned a small CPA firm for 20 years where he served small business clients by providing accounting assistance and individual and business tax preparation services. In 2000, Mr. Warner qualified as a general securities representative (stockbroker) and represented HD Vest, a securities firm, for two years. He has taught income tax courses in individual and business taxation at the University of Phoenix.

Since 2009 Mr. Warner has been affiliated with USTaxAid, a full service tax firm founded by Diane Kennedy, a well-known tax strategist and author. Mr. Warner’s tax practice includes preparing income tax returns for individuals, S corporations, C corporations, LLCs and partnerships in a variety of industries. He advises his clients on a wide variety of tax and business topics.

Mr. Warner is a licensed CPA in Utah. He is a member of the American Institute of CPA’s taxation committee and the Utah Association of CPAs. He is certified depreciation professional and a member of the Society of Depreciation Professionals.

Mr. Warner graduated with a Bachelor of Science degree in accounting from Brigham Young University in 1975. He became a certified public accountant in Illinois and Utah shortly thereafter. He completed his Master of Business Administration degree at the University of Utah in 1981.

Venue

Location:
San Francisco, CA (Venue to be announced shortly)

October 23-24, 2014
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