• Identify important tax considerations for the small business at each stage of its life. • Differentiate entity type options available for small businesses. • Calculate the Qualified Business Income deduction under Section 199A. • Identify the pros and cons choosing an entity type after passage of the Tax Cuts and Jobs Act. • Choose the correct tax treatment for fringe benefits granted to partners and S corporation shareholders. • Choose the most effective strategy for depreciation of business tangible property. • Compare IRS concerns regarding reasonable compensation for an S corporation owner versus a C corporation owner. • Apply tax knowledge to help create an efficient and effective estate plan for a client. • Analyze a client’s need for a buy • sell agreement. • Select a tax accounting method that is appropriate for a business. • Recognize tax issues involved in the exit of a shareholder from a corporation. • Select among ways to dispose of or liquidate a business in a tax • efficient manner.

• Starting a business—the tax life of a business • Selecting a business entity type • The Tax Cuts and Jobs Act • Section 199A and the Qualified Business Income deduction • Accounting Methods • Compensation of owners—hiring family members • Reasonable Compensation • Depreciation, Section 179 and bonus depreciation
• Transactions with owners • Buy • Sell and Noncompete agreements • Exiting the business—special exit techniques