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Program Description
The 2017 tax reform act made huge changes to the desirability of C corporations relative to pass-through entities. However, the political winds in Congress can change, as evidenced by the Tax Reform Act of 1986 introducing a top tax rate of 28% for ordinary income and capital gains, which changed over time significantly. We will discuss how the new law changes dynamics for annual income taxation and for the sale of a business , how one might respond to those changes, and what to do if the paradigm shifts when the political climate changes again.
Learning Objectives
We will discuss:
- How the impact of the new tax rates for C corporations and the 20% deduction for pass-through entities may motivate electing C corporation taxation.
- How these rules change the paradigm for transferring a business and how this informs a decision to change to a C corporation.
- Strategies for changing a business entity's status when the rules change again.
About the Speaker
Steve is a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Lawyers, accountants and business owners regularly look to Steve for fresh, highly knowledgeable insights into the best possible tax and estate planning approaches to their transactions.
Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties)or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
Drawing on his background as an accountant - and his still-current CPA license and Chartered Global Management Accountant credential - Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.
Steve is a highly visible member of the ABA's Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve's quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.
Click here to read Steve's full biography.
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