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2017 Business Entity Course
By: Joseph Calvo, CPA Tim Sundstrom, CPA, CFP Copyright 2010 Thomson Reuters All rights reserved.
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Be Kind to Your Neighbors
Turn Phones To Stun Mode
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Your Speakers Professor Joseph Calvo, CPA
Timothy “Tim” Sundstrom, CPA, CFP
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JOE?
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Disclaimer: Joe and Tim always Take the “Grey”!
ii Disclaimer: Joe and Tim always Take the “Grey”!
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Retain Your CPE iii Important CPE Message
You will receive an concerning your CPE Certificate. The Documents are part of your Checkpoint Learning Account.
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Gear UP Soon to Be Checkpoint Learning
v We have been saying this for 3 years now.
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are permanently banned
vii-x Both Joe and Tim are permanently banned from teaching ethics.
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Write down the name of your worst client.
XI Write down the name of your worst client. Now introduce yourself to the person next to you and give that client!
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XIII Forgetaboutit
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1 I. Introduction New Debt vs Equity Regs- relief for small corporations. Significant developments in loans and reasonable compensation. Significant issue for financial planners and assignment of income. Significant cases dealing with S Corp. loan basis issues.
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1 I. Introduction New Temp Regs- LLC’s and payroll and self-employment issues. New Prop. Regs. Partnership audit regime. New Regs. when Partnership interest change during the year. New disguised sales rules
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1 I. Introduction Burdensome Regs on allocation of recourse and excess non-recourse debt. New insights with regard to building improvement. Relief to EPPs and a new QHRA IRS loses again with PTINs IRS and trust fund cases Many more!
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New and Recent Developments
Starts on page 2 to page 10. Late breaking news on pages 11 through 13. Helpful Highway Trust Fund and Path Act information starting on page 14.
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Manual Issue Unfortunately, the pages indicated on the New and recent developments are incorrect. The correct page numbering is available on the PDF version.
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Chapter 1 – Office Tool Kit
17 Contains numerous forms for you to modify for your own use. Business Tax Organizers Service Agreements Disclosures Authorizations Use Authorizations Office Procedure Manual Auto Leave Value Excel Sheet. To get these items you need to go to the Checkpoint Learning Website.
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The website is Gear Up at Checkpoint Learning 17 Easy method This will take you to the Gear Up Checkpoint Learning Website. Click on the Members Link- this will take you to the resource section of the site.
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Chapter 1 – Office Tool Kit
17 Contains numerous forms for you to modify for your own use. Business Tax Organizers Service Agreements Disclosures Authorizations Use Authorizations Office Procedure Manual Auto Leave Value Excel Sheet. To get these items you need to go to the Checkpoint Learning Website. Free research sites pages Tool kit includes IRS Capitalization Audit Guide.
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By of Show of Hands How Many of You?
17 By of Show of Hands How Many of You? Prepare new engagement letters every year. Prepare them only for new clients and don’t change them unless there is a change in the agreement. Rely on a handshake- my clients are too small. A.
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Anyone Can Get Sued for 5 Billion !
17 Anyone Can Get Sued for 5 Billion ! PwC- was sued even though it was not the auditor for Taylor, Bean. They represented Colonial Bank that purchased securities from Taylor, Bean. The trustee for Taylor, Bean is suing because “they should have know” fraud was taking place at Taylor, Bean. PATAP
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Engagement Letters the best defense
18 Engagement Letters the best defense Specific Fee Billing Timing Objectives Termination Disputes Responsibilities We will prepare you’re your US Corporate Tax Return (Form 1120) and your PA Corporate Return(Form RTC-101) Not We will prepare your federal and state returns. Recurring services- Case page 18. PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities How do we charge! Fixed fee Hourly fee Consider packaging Clients normally take the middle package PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities Do on receipt Deposits required Refundable/nonrefundable PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities All information must be in by 2/15. Late- need an extension May be charged additional amount If you do not respond within 15 days we will finish the return with the information provided . An additional fee of $100 will be assessed. PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities Is this solely tax preparation Tax planning- Tax reduction PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities Our responsibility ends with the filing of the return. If you don’t provide information by May 15th all fees are deemed earned. PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities Arbitration – Delaware County PA. All actions are to take place at the Delaware County PA PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities Our responsibilities Prepare return only We are not responsible for foreign disclosures, state sales taxes ….. Theirs Relying on their books and records They are responsible for the controls. PATAP
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Engagement Letters the best defense
Specific Fee Billing Timing Objectives Termination Disputes Responsibilities Our responsibilities Prepare return only We are not responsible for foreign disclosures, state sales taxes ….. Theirs Relying on their books and records They are responsible for the controls. PATAP
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The Take Away You have no friends. Want a friend, get a dog!
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