Income Tax - Everyday Issues for General Practitioners
Overview:
The simplest matters can involve various issues and ambiguities, even in the field of accounting those who assist clients with income tax compliance and plans find that routine matters can entail complexities, alternatives, and uncertainties.
This course addresses income tax matters that practitioners frequently encounter and demonstrates how income tax rules apply in everyday situations. In order to enhance the practicality of this course, the course presents topics as practical issues rather than technical details. After providing general background information for each issue, the course emphasizes opportunities, problems, suggestions, and plans for each topic.
This course provides an opportunity for practitioners, who routinely deal with income tax, to focus on issues they frequently encounter. Many participants take this course on an annual basis because the content relates directly to client situations and timely topics are added each year.
Course Content:
This course incorporates the following topics:
- Taxation for 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 family member income splitting
- Expenses and assets with personal and business elements — including meals and entertainment, automobiles, and taxable benefits
- Shareholder benefits and loans issues — including debit balances
- Timely and topical practical matters
- Newsworthy and notable information — including recent developments
- Challenging ethical situations encountered in tax practice
Learning Objectives:
After taking this course, you will ideally learn to:
- 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
Who Will Benefit:
While all tax professionals will gain new insights from this seminar, this seminar particularly targets practitioners who deal with small and medium-sized owner-managed businesses.