EBP1971. Traps for Privately Owned Business

Track: 
Plan Design & Tax Compliance
Field of Study: 
Taxes
CPE Credit: 
1.5
Knowledge Level: 
Basic
Advanced Preparation: 
None

Wednesday, May 8, 2019
 
11:10AM-12:25PM

Owning a privately-held business can be tricky. Be aware of these common “traps” and differences in C-corps, S-Corps, LLCs, sole proprietorships, and partnerships by attending this session. Questions about owner compensation, owner contributions, employment status, affiliated service groups, controlling interests, and benefits will be answered. Find out what happens if your plan become top heavy and how you can best monitor, as a plan sponsor, if your plan needs an audit.
Learning Objectives:

  • Recall how owners are compensation and if a partner can be an employee.
  • Recognize reasonable compensation for an owner.
  • Indicate how and where contributions are declared and how these groups impact benefits, testing, and compliance.
  • Recall the definition of an affiliated service group and controlled group.


SESSION SPEAKER(S)

CPA
Retired Partner | Grant Thornton LLP
CPA
Partner | Thomas, Zurcher & White, P. A.