Your Course Price: $209.00
87. Defining A Small Business According To The Internal Revenue Code | Webinar
- Course Description
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IRS: Tax Law Topic 5 CPE
CTEC: Tax Law Topics 5 CPE
NASBA: Taxes 5 CPE
In general, there is no formal distinction between the taxation of “small business” and a “large business” in the Internal Revenue Code. Although the Small Business Administration (SBA) is the primary federal agency for setting small business size standards, the Tax Code does not rely strictly on SBA size standards to determine eligibility for available small business tax benefits. Most of the tax preferences use assets, receipts or employment size to identify eligible businesses. The employment and receipt amounts in the Tax Code are much smaller than the size that is used by the SBA to identify a small business by industry.
Small business tax benefits include deductions, exclusions, exemptions, credits, and deferrals whose main effect is to reduce the business’s cost of capital for affected investments and increase its short-term cash flow.
This course reviews the federal income tax provisions of the business entity defined as a “small business” according to a number of provisions in the Code.
This course will explore the tax issues of the “small business” owner who is a sole proprietorship filing a schedule C or a one owner Subchapter S-Corporation as well as two or more owners doing business as a small partnership or corporation whether as a Subchapter C or Subchapter S.
This presentation will review a “small business” relevant to compliance issues at hand. Some of the Code provisions for a “small business” that will be discussed include the following:
* §1244 ordinary loss treatment for losses on the sale of “eligible small business stock” capitalized at $1M or less * §179 expense election deduction limitation on the annual acquisition of fixed assets of up to $1,160,000 in 2023 * §45E tax credit for startup cost for establishing qualified employee retirement plan for an employer with 50 or fewer eligible employees * §45T tax credit for employers when offering or starting a §401K plan or a SIMPLE plan for an employer with 100 or fewer eligible employees * §44 tax credit for cost incurred for small firms complying with the Americans With Disability Act for an employer with 30 or fewer eligible employees * §446 cash basis accounting if the average gross receipts in the three prior years are less than $29M * §1202 small business stock exclusion for firms capitalized at $10 million or less * §163(j) exemption from the limitation on the deduction for business interest expense if the average gross receipts in the three prior years are less than $29M * §263A exemption from uniform capitalization rules if the average gross receipts in the three prior years are less than $29M * §45R tax credit for small firms that offer qualified health insurance coverage to employees and the small business has no more than 25 full-time equivalent employees * §1361 small business corporation that does not have more than 100 shareholders which makes an election to be taxed as a subchapter S corporationThe course will also include a discussion on when a “small business” is required to file Schedules L, M-1, M-2 and Schedule M-3, etc.
- Learning Objectives
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At the conclusion of this presentation, the Tax Professional will have a better understanding that the definition of a “small business” for purposes of the Internal Revenue Code depends on various items such as:
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Gross receipts of the business,
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Number of employees,
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Number of owners,
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Amount of capital invested in the company, as well as
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Annual amounts spent for the acquisition of fixed assets in the form of equipment and machinery.
In addition, the participant will have a broader knowledge base when discussing these important items with their clients and in tax planning opportunities. This presentation will also assist the Tax Professional when the small business is deciding whether to expand or to contract its operations and investment.
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FAQ
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Your certificate will be emailed to you within 10 business days of the completion of the course.
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