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The Number 1 Tax Strategy for the Small Business Owner: Setting up an S Corporation step by step

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: August, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Should your clients incorporate?
    10 mins
  • Advantages
    12 mins
  • Setting up LLC/S Corp
    23 mins
  • Guidelines for S Corporations
    34 mins
  • Streamline your coaching
    46 mins

Course Description

Choosing a business structure requires a calculus that weighs tax and legal benefits with startup costs and time. It’s one of the most consequential decisions you’ll make when you first start your small business.

Many small business owners hesitate to elect S corporation taxation because it requires more upfront time to get going. But don’t demur S Corp tax status: There are some great tax benefits you could be missing.

Don’t let the word “corporation” confuse you. S corporations don’t pay corporate income tax. Instead, S corporations enjoy pass-through taxation in which the company’s owners pay taxes on their portion of the company’s earnings based on their tax rates.

Small businesses with high profitability lose huge amounts of money in paying taxes. However, they can save it by applying a very effective strategy. They can incorporate their entity retroactively for the previous years. This may provide numerous benefits.

This Online CPE Tax Webinar covers the following Key Topics:

  • Saving in tax for your overall business income
  • Generating excellent revenue
  • Benefits of S Corporation election
  • Explanation of the step-by-step method through practical examples

This unique value webinar provides you an opportunity to benefit your clients by setting up an entity without any hassles and generating new income streams.

Learning Objectives

  • To identify when it is right to counsel your clients to incorporate.
  • To recall the step-by-step process for setting it up, and when and how to work with a legal firm.
  • To analyze when and how to retroactively elect an entity to be treated as an S Corporation.
  • To identify and work through a few of the challenges faced when providing this service.
  • To recognize how to bill the client, and what to upsell as part of this service.

Recommended For

  • This online CPE/CE webinar is recommended for CPAs, Enrolled Agents, and other tax professionals who help their clients for setting up entities without any hassles.

Who Should Attend?

  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • VP Accounts
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0360)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00357-20-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00357-20-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00357-20-S)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jake Hanes

Certified Public Accountant (CPA), Action tax Services, LLC

As a public speaker, author, and a successful entrepreneur, Jake Hanes delivers high energy messages that motivate people to take action in life and build highly successful businesses.  As an entrepreneur, Jake has been coaching business owners for more than 20 years in every facet of growing their business.  He has succeeded, as well as failed, in business, and shares the experiences, concepts and tools audiences can use to take a five year leap in business success.  In his Amazon #1 Bestseller book, “The Seven Strategies of Highly Successful Business Owners,” he shares these concepts and many more.

Jake lived the first 40 years of life with epilepsy, having many thousands of seizures, and amid all the inherent challenges, he reached great heights, including summiting the five highest peaks in Washington and building several successful businesses.  Now cured of epilepsy, he continues to succeed by goal setting and achieving every day, and he brings his challenging experiences to life in educating and entertaining audiences of all sizes. 

About Company

Action tax Services, LLC

www.actiontaxteam.com

Action Tax Service, LLC began providing services to local businesses and individuals in the northwest region. With a special interest in the growth and success of small businesses and startup companies, Action Tax have been growing enthusiastically each year, in both income tax preparations, bookkeeping and payroll services, with a special niche in providing businesses with specialized training and support of QuickBooks accounting software.

The owners, Jake Hanes, are long time residents of Washington, with many years working in both public and private accounting. With a Bachelors degree in Accounting from Central Washington University, Jake worked 10 years in private accounting for a couple larger companies, then opened his first accounting and tax practice with his wife in 1999. As a Certified Public Accountant, and a Certified QuickBooks ProAdvisor, Mr. Hanes has helped many hundreds of small business owners succeed in starting and growing their own businesses by providing affordable and timely services. Jake are active in the community, supporting many worthy causes that help the youth and elderly. Following tax season of course, they enjoy spending family time in the outdoors with their family of five children.

Action Tax Service, LLC provides five primary services to individuals and businesses, including income tax preparations, bookkeeping, payroll, LLC and corporation organizations, and specialized QuickBooks. The team of professionals includes seasoned tax preparers, professional bookkeepers, payroll specialists, certified notary publics, certified QuickBooks ProAdvisors and Certified Public Accountants. Our goal is to provide a one-of-a-kind top quality experience for each individual who comes into contact with us. Let us know how we can meet your unique needs.

Action Tax Services LLC is located at 1833 Auburn Way Ste T, Auburn WA We are directly across from the Auburn Top Foods.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.6

81 Ratings

Excellent

54

Very Good

19

Average

8

Poor

0

Terrible

0

Vladislav Ignatchenko
Vladislav Ignatchenko, EA

Aug 14th, 2022

While author's position with respect to responsible compensation set as 1/3 with cap on 60K is not based on any IRS provisions, I like this approach. Nevertheless, I am afraid the IRS will not agree with the idea of a "Cap" on $60k...

KA

Kimberly Allen, EA

Jan 20th, 2022

Best instructor ever! This course clearly explained setting up an S-Corp and gave specific examples, which were extremely helpful.

MC

My CPE, CPA (US)

Nov 19th, 2020

Ordering his book on Amazon now

MT

Mary Tolic

May 12th, 2021

This was a great presentation!

MS

Maryann Sztenderowicz, Accountant

Sep 23rd, 2021

Loaded with information

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