S39-Business Entity Selection After TCJA: It's a Brave New World!

Friday, June 28 | 3:00 pm - 5:10 pm
Track: Business
CE Categories:
     2 hours Federal Tax Law (EA, CRTP, OTRP)    
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Scott Burnett, Attorney

Description: Business entity selection has changed dramatically since the Tax Cuts and Jobs Act. Prior to the TCJA, the rules for Corporations or LLCs were predictable. Depending on the activity of the business, almost all new entity formations leaned toward the S Corporation. Entity selection under the TCJA requires a more thorough analysis of the activity of the business and its owner; profit of the business; phase in and out regulations; C Corporation considerations for phase out businesses; income splitting with multiple companies under 199A; QBI considerations for sole proprietors, partnerships, and S Corporations and LLC’s taxed as S Corporations. We’ll use practical examples to help understand this Brave New World of entity selection.  

Learning Objectives: 
1. Understand the impact of the TCJA on entity selection                   
2. Learn which entity should be recommended and under what circumstances                       
3. Uncover the  pros and cons of the new rules                               
4. Be aware of the TCJA changes that may mean a different choice for a new business than prior to TCJA                                                     
5. Analyze when to advise a client to alter or change their current business entity

Learning Level: Introductory

Prerequisites: None

Advanced Preparation: None