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Course Description

Transferring the closely-held business can be challenging--especially if the business is profitable and growing rapidly. This seminar is an intermediate course designed to explain how to take advantage of the partnership structure to both build the net worth of the younger generation while providing for the comfortable exit of the older generation. Along the way, the Internal Revenue Tax Code (IRC) has placed a few land mines but also some nuggets of gold. This course will provide you with an effective road-map to increase the after-tax wealth of your clients.

The majority of the presentation will be related to taxation as you consider business succession. However, both the profits interest and retiring partner models also allow for the gradual transfer of management responsibility--an absolute key to any business continuity plan. You will be looking at a case study throughout the seminar (including Federal tax forms) and will have opportunity to raise management-related issues along the way.

Take a look at our online brochure.

Who Should Attend

  • Professional tax preparers
  • Advisers assisting small businesses
  • CPAS, EAs, attorneys, CFPs

Attend and You Will Receive

  • Recommended 16 hours of CPE Credit
  • A certificate of completion from NC State University

Prerequisites

There are no prerequisites or advanced preparation for this course. A general working knowledge of taxation is expected.

Attend and You Will Learn / Expected Outcome

Attend And You Will Learn

  • Overview of Partnership and Taxes
  • Gifting and Sale of Partnership Interests
  • Guaranteed Payment Strategies
  • Capital Account and Basis Tracking
  • Transfer of Ownership Planning
  • Case Study with Forms Review

Notes / Additional Information

About your instructor:

Gregory J. Bouchard is Director of the Cornell Income Tax Schools, which provide tax training to professionals across New York State. Greg was employed for over 40 years by Farm Credit East (a federally chartered and farmer owned cooperative which is a major provider of credit and financial services to farmers, fishermen, and related businesses throughout the Northeast). He was instrumental in developing the tax training and operating procedures for the tax preparation and consulting services they provide. He authored a multi-volume correspondence course and an 8-hour certification exam on farm income taxation to equip Farm Credit’s practitioners. During his time as a Senior Business Consultant, he developed an expertise in partnership taxation. This expertise enabled him to consult with both large and small farm operations to structure deals that would meet the varied business, retirement, and estate planning needs of the owners at the least possible tax cost. Greg has been a highly rated speaker on partnership tax planning across the United States. He is a regular contributor to the Land Grant University Tax Education Foundation’s (LGUTEF) National Tax Workbook, having written chapters on business assets (acquisition, depreciation, and disposition), the high income taxpayer, easements, casualties, and investment issues. Greg currently serves on the LGUTEF board of directors. He is a member of RuralTax.org which gives him the opportunity to contribute to the annual update of the IRS’s Farmer’s Tax Guide (Pub. 225), and to meet with both the publications staff at the IRS national office and the staff for the Joint Committee on Taxation.

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