Formerly Titled: “Everyday Income Tax Issues for the General Practitioner”
This course has shifted online into two, half-day sessions.
- Wednesday, June 8, 2022, 1:00pm to 5:00 pm
- Thursday, June 9, 2022, 1:00pm to 5:00 pm
CPAs in public practice who assist clients with income tax compliance and plans find that even routine matters can have complexities, alternatives and uncertainties.
This seminar identifies income tax matters frequently encountered by practitioners and demonstrates how the income tax rules apply in everyday situations. Topics are approached as practical issues rather than technical details. General background information is provided to promote an understanding of each issue. Opportunities, problems, suggestions and planning are emphasized.
Many participants take this seminar again and again because the content is relevant to client situations and because each year there is something new.
- Evaluate and characterize sources of income and develop remuneration strategies
- Recognize, assess and advise on shareholder benefit and loan problems
- Identify best practices for expenses/assets with personal and business elements
- Discover newsy and notable recent income tax developments
- Analyze ethical considerations related to providing tax services to clients
- Taxation of select sources of income including active business income, small business deduction, employees vs. contractors, personal services businesses and investment income
- Remuneration issues including salary vs. dividends, bonuses payable and income splitting with family members
- Expenses and assets with personal and business elements — including meals and entertainment, automobiles, taxable benefits
- Shareholder benefits and loans issues - including debit balances
- Timely and topical practical matters
- Newsy and notable information, recent developments
- Challenging ethical situations encountered in a tax practice
WHO WILL BENEFIT
Practitioners who have general income tax knowledge and deal with small and medium-sized owner-managed businesses.