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Draws By an Owner Employee from a Closely Held Business


Total Credits: 2 including 2 Taxes - Technical

Average Rating:
   4.4
Category:
ACPEN Industry Institute |  ACPEN Tax Institute |  Tax |  IRS Approved
Faculty:
Bradley Burnett, J.D., LL.M.
Course Levels:
Update
Duration:
2 Hours
License:
Access for 30 day(s) after program date.

Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.

Description

IRS loves to attack payments from closely held businesses to owners, particularly owner employees.  The story is as old as the hills, but lately it plays out with some unexpected twists and turns.  Lessons learned from recent developments provide meaningful guidance as to how to structure to achieve optimal tax treatment of such draws.

This course was updated on April 3rd, 2019

 

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Basic Course Information

Learning Objectives
  • To empower the participant to understand each context within which draws by owner employees from their closely held businesses are taxed 
  • To master how to structure such payments for best tax results

Major Subjects
  • How the rules for owner draws from C corps, S corps, partnerships, LLCs and sole proprietorships differ by context
  • Trends in reasonable compensation for C corps, S corps and partnerships
  • IRS' recent attack on "reasonable rents" (how do you figure a "reasonable rent" anyway?)
  • Structuring a reasonably low salary from an S corp
  • Structuring a reasonably low guaranteed payment from a partnership (can it even be done?)
  • Recent case instructing how a loan to an S corp can be repaid (by the S corp) (even when the repayment pays the shareholder's personal expenses)
  • How other taxpayers fail big on the loan repayment argument
  • IRS' recent constructive dividend frenzy in Tax Court
  • How C corps may not be as bad as you think
  • How S corps are faring better in the courts than partnerships currently (in avoiding employment tax) and what to do about it
  • Proper structure of loans and "capital to loan" ratios to keep it clean

Course Materials

Faculty

Bradley Burnett, J.D., LL.M. Related seminars and products: 18


Bradley Burnett, J.D., LL.M. (Taxation), is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns.

Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.

Bradley served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an Employment Tax course and occasionally pinch hit teaching the IRS Practice and Procedure topic.  He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9.  Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.

Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte’ is the candid communication of practical ideas relating to tax law.


Dates

Sat, Mar 07, 2020 - 09:00a to 11:00a CST
Mon, Mar 23, 2020 - 01:00p to 03:00p CDT
Sat, Apr 04, 2020 - 09:00a to 11:00a CDT
Mon, Apr 20, 2020 - 01:00p to 03:00p CDT
Tue, May 05, 2020 - 09:00a to 11:00a CDT
Sat, May 16, 2020 - 01:00p to 03:00p CDT
Thu, Jun 04, 2020 - 09:00a to 11:00a CDT
Mon, Jun 15, 2020 - 01:00p to 03:00p CDT
Thu, Jul 02, 2020 - 09:00a to 11:00a CDT
Mon, Jul 20, 2020 - 01:00p to 03:00p CDT
Sat, Aug 08, 2020 - 09:00a to 11:00a CDT
Tue, Aug 25, 2020 - 01:00p to 03:00p CDT
Thu, Sep 03, 2020 - 09:00a to 11:00a CDT
Fri, Sep 18, 2020 - 01:00p to 03:00p CDT
Thu, Oct 08, 2020 - 09:00a to 11:00a CDT
Fri, Oct 23, 2020 - 01:00p to 03:00p CDT
Fri, Nov 06, 2020 - 09:00a to 11:00a CST
Fri, Nov 20, 2020 - 01:00p to 03:00p CST
Wed, Dec 09, 2020 - 09:00a to 11:00a CST
Mon, Dec 21, 2020 - 01:00p to 03:00p CST

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Any person desiring to properly structure the draw of cash or property from a closely held business to its owner (typically owner employee) to achieve intended tax results
Original Recording Date 04/03/2019
Yellow Book No
Course Developer Bradley Burnett Tax Seminars, Ltd.
Date Added to Catalog 02/19/19

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. 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


Instructional Delivery Method Group Internet Based
Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


Promo Video

Reviews

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Overall:      4.4

Total Reviews: 27

Comments

Jon D

"Good topic and technology worked perfectly"

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