Smart Tax and Accounting Solutions for Small Business

Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM

• Overview of course and of learning objectives
• Small business organization structures
• Proprietorships, partnerships, C corporations, S corporations, LLCs and Series LLCs
• Selection considerations
• Effects on owners
• Raising money and funding the business
• Business purpose
• Flow-through or stand-alone taxation
• Life cycle issues
• Tax basis differences
• State of organization
• Selection of a tax year
• Examples and case studies
• Establishing the organization and its bank and credit account(s)
• Checklist of to dos
• Asset protection and fraud prevention
• The roles of insurance, due diligence, risk analysis
• Organization structure planning
• Bank guarantees
• Small business internal controls
• Compliance with business entity formalities
• Internet exposures to fraud
• Accounting and bookkeeping fundamentals
• The accounting equation
• Debits, credits, journals and accounts
• The chart of accounts
• Recording common transactions
• Assets, liabilities, revenues, expenses and owners’ equity
• Accounting differences by business entity
• Clearing accounts
• Adjusting journal entries
• Financial statements
• Audits, reviews and compilations
• Selecting an accounting system
• Cash vs. accrual basis of accounting
• Accounting for inventory
• Accounting for merchant internet sales
• What records should I keep?
• How to work with your CPA

• Payroll tax compliance
• Payroll setup procedures
• Payroll calculation methods
• IRS regulations; state regulations
• Tax deposit schedules
• Employee vs. independent contractor
• Guaranteed payments
• Recording payroll expenses and taxes
• Compliance reporting requirements
• Preparing your payroll
• Pre-tax benefits
• Deducting medical insurance costs, claiming medical credits
• Small business tax compliance
• Sales tax, income tax, property tax, franchise tax
• Tax return deadlines
• Extensions of time to file
• Tax record keeping requirements
• Post-return preparation record keeping
• State and local taxation
• Nexus
• Allocating taxable income among jurisdictions
• Sales and use taxes
• State-by-state differences
• Federal income taxation
• Overview of personal and business tax returns
• Explanation of the taxation equation
• Interest and penalties
• Regular tax system and AMT system
• Depreciation, Section 179 and special allowances
• Federal tax audits
• Document matching
• Office audit
• Field audit
• Income tax planning
• Entity planning strategies
• Special tax provisions in the IRC that benefit taxpayers
• Audit exposures, problem areas
• Capital gain/losses
• Business gains/losses
• Passive activities
• Strategies to deal with the AMT
• Year-end and transaction planning
• Small business operations tips and course summary

Bruce E. Warner, CPA has over 30 years of experience in accounting and regulatory management capacities for The Williams Companies and MidAmerican Energy Company where he was responsible for testifying in regulatory proceedings and directing work in a wide variety of regulatory proceedings, including cost of service and rate design work in gas pipeline rate cases.

He has owned a small CPA firm for 20 years where he served small business clients by providing accounting assistance and individual and business tax preparation services. In 2000, Mr. Warner qualified as a general securities representative (stockbroker) and represented HD Vest, a securities firm, for two years. He has taught income tax courses in individual and business taxation at the University of Phoenix.

Since 2009 Mr. Warner has been affiliated with USTaxAid, a full service tax firm founded by Diane Kennedy, a well-known tax strategist and author. Mr. Warner’s tax practice includes preparing income tax returns for individuals, S corporations, C corporations, LLCs and partnerships in a variety of industries. He advises his clients on a wide variety of tax and business topics.

Mr. Warner is a licensed CPA in Utah. He is a member of the American Institute of CPA’s taxation committee and the Utah Association of CPAs. He is certified depreciation professional and a member of the Society of Depreciation Professionals.

Mr. Warner graduated with a Bachelor of Science degree in accounting from Brigham Young University in 1975. He became a certified public accountant in Illinois and Utah shortly thereafter. He completed his Master of Business Administration degree at the University of Utah in 1981.