Course Description:

This course will:

  • Explain tax planning and accounting for common investments, including businesses, marketable securities and real estate
  • Detail the reasons to run a business or invest using several legal structures that are available: proprietorship, S or C corporation, LLCs or disregarded entities
  • Discourse how to protect your assets from legal claims and employee theft
  • Enumerate how to reduce the number of tax returns that must be filed through the use of series LLCs and disregarded entities
  • Provide suggestions on setting up record keeping and accounting systems for your investments
  • Distinguish between asset and liability, and revenue and expense in your books
  • Discuss topics that most often become tax, accounting or financial problems for small business owners, real estate investors and investors in the securities markets
  • Help participants understand financial statements and interact with your CPA effectively, confident that your business structure is suitably established
  • Guide attendees on effectively monitoring and managing tax and accounting processes
  • Deliver numerous tax planning tips for small businesses, real estate investments and for other investments

The accounting fundamentals for non-accounting professionals section will introduce participants to key accounting concepts. Attendees will also learn about the need-to-maintain basis in a company, and the procedures to follow to pay salaries, distributions and dividends. They will be able to manage structuring quality financial statements for investments and ensure that an enterprise’s financials will be accepted by lenders.

If any of these questions are running through your mind, this seminar will furnish you with all the information you need on tax planning and essential accounting principles:

  • Are you wondering how you can better manage your investments, including your businesses, real estate and marketable securities?
  • Are you searching for better ways to make money than just having your money in the stock market?
  • Are you a new or current small business owner who would like to ensure your business is organized to protect your assets and maximize your potential financial returns?
  • As a non-accountant, are you unsure how your books should be kept?
  • Do accounting concepts seem like a foreign language?
  • Do you want to save on taxes, and make sure you are in compliance with tax laws?
  • Do you want to understand what you should expect from the person that prepares your income tax returns and plans your tax strategies?

Learning Objectives:

This seminar on tax planning and accounting for investments will elaborate:

  • Small business organization structure
  • Asset protection and fraud prevention
  • Accounting and bookkeeping fundamentals
  • Charts of accounts
  • Recording basic financial transactions
  • Financial statement interpretation
  • Small business tax compliance
  • State income taxation
  • Federal income taxation
  • Income tax planning
  • Tax aspects of real estate
  • Tax rules pertaining to investment transactions
  • Tax planning for high income individuals, businesses and real estate

Upon completion of the course, participants will be aware of important concepts involved in personal, investment and small business tax plans, such as: tax planning for high income individuals, computing capital gains and losses and the wash sale rule, tax provisions pertaining to investments, income and expense deferrals or acceleration, creating multiple streams of income, side streaming and up streaming income through appropriate business structures, Section 1031 exchanges, bullet proofing your real estate professional status, tax rules related to passive activities, using pension plans as an investment technique, and the impact of alternative minimum taxes.

Who will benefit:

  • Tax compliance and planning personnel
  • Accounting and bookkeeping personnel
  • Small business finance and management personnel
  • Real estate investment professionals
  • Small business owners
  • Spouses of small business owners
  • Small business bookkeeping personnel
  • Individual investors
  • Owners of rental real estate
  • Retired investors
  • High income investors

Course Outline:

Day One (8:30 AM – 4:30 PM) Day Two (8:30 AM – 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

  • Overview of Course and Learning Objectives
  • Small Business Organization Structures
    • Proprietorships, partnerships, C corporations, S corporations, LLCs and series LLCs
    • Selection considerations
    • Selection of a tax year
    • Side streaming and up streaming income
    • Establishing the organization and its bank and credit account(s)
    • Examples and case studies
    • Checklist of to dos
  • Types of Real Estate Businesses and Their Tax Characteristics
  • Evaluating Your Prospective Real Estate Investment
  • Asset Protection and Fraud Prevention
  • Accounting and Bookkeeping Fundamentals for Your Investments
    • Chart of accounts
    • Business records and retention requirements
    • The paperless office
    • Accounting system providers and advantages/disadvantages
    • What about maintaining my accounting on spreadsheets?
    • Paying for business expenses from personal funds
    • Payments to those who supply capital – interest, dividends and distributions
    • The mystery of debits and credits resolved
    • Handling deposits, payments and adjustments
    • Recording transactions from property manager statements
    • Recording real estate investments in the proper level of detail
    • Tax accounting changes for real estate
    • Repairs vs. capital expenditure regulations
    • Obtaining the correct data if escrow accounts are involved
    • Using banks and credit card providers to help with records
    • What to expect from your CPA
    • Is my cash flow positive or negative - analyzing your financials
    • Do your records facilitate preparing your tax returns?
    • The HUD-1 settlement statement
    • Monitoring those K-1 statements
    • How to work with your CPA and your banker

  • Small Business Taxes
    • Sales tax, income tax, property tax, franchise tax, gross receipts taxes
    • Tax return deadlines
    • Extensions of time to file
    • Tax record keeping requirements
    • Record keeping
  • Types of Marketable Securities and Their Tax Characteristics
    • Determining basis
    • Reporting of sales
    • Tax exempt and partially tax exempt securities
    • Year-end planning
  • Federal Income Taxation
    • Overview of personal and business tax returns
    • Explanation of the taxation equation
    • Itemized deductions, standard deductions and personal exemptions
    • Tax rate schedules
    • Interest and penalties and how to avoid them
    • Regular tax system and AMT system
    • Depreciation, Section 179 and special allowances
    • Different tax rates for different types of investment gains and losses
  • State and Local Taxation
    • Nexus explained
    • Allocating and apportioning taxable income among jurisdictions
    • Sales and use taxes
    • State-by-state differences
  • Overview of Real Estate Taxation
    • Capital gains and losses
    • Depreciation of real estate properties
    • Component depreciation
    • Tax benefits from your personal residence
    • Rental property deductions
    • Owners of vacation property
    • Real estate professionals, Section 1031 exchanges, cancellation of debt
    • Dealers in real estate
    • Installment sales
    • Passive activity rules, participation and at-risk rules
    • Investing in real estate through your IRA or 401-K
  • Income Tax Planning
    • Entity planning strategies
    • Tax credit provisions in the IRC that benefit many taxpayers
    • Audit exposures, problem areas
    • Minimizing self-employment taxes
    • Compensation planning
    • Capital gain/losses
    • Gains/losses on sales of business assets
    • Sale of your business
    • Strategies to deal with the AMT
    • Year-end and transaction planning
    • Using your pension to reduce taxes
    • Home office deductions, vehicles
  • Tricks and Traps
    • The real estate professional
    • Material participation and grouping properties
    • Investing in real estate using the S corporation
    • Real estate partnerships and LLCs
    • Self-rental properties
    • Real estate developer & Section 263
    • Business vs. investor real estate (i.e., short-term stay/substantial services vs. long-term rental)
    • Passive activity rules
    • Employees and independent contractors
    • ACA surtaxes
    • Self-funded IRAs and 401-Ks
    • Late filing penalties for S corporations
    • Selection of state to do business in
  • Course Summary

Meet Your Instructor

Bruce E. Warner, CPA
Owner - Warner Financial Group, LLC and Bear Lake Tax & Accounting

Bruce Warner is a licensed CPA in Utah and a certified depreciation professional. Since the inception of his small CPA firm over 20 years ago, Mr. Warner has served clients by providing accounting assistance and individual and business tax preparation and planning services. He was manager of financial reporting and manager of depreciation for Northwest Energy Company, located at the time in Salt Lake City, Utah.

He worked for about 30 years in accounting and in 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. His 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.

He graduated with a Bachelor’s degree in accounting from Brigham Young University in 1975. He became a certified public accountant in Illinois and Utah shortly thereafter. Mr. Warner completed his Master of Business Administration degree at the University of Utah in 1981. He is a member of the Society of Depreciation Professionals, and a member of the American Institute of CPA’s taxation committee and the Utah Association of CPAs. He is also certified in financial forensics by the American Institute of CPAs.

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Local Attractions

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Birch Aquarium is north of San Diego in La Jolla. It's not as big as some of the other aquariums in California or as flashy as the big sea-themed park down the road, but instead just right, filled with interesting exhibits and home to leafy sea dragons like the one above, creatures so improbably they look more like something from a children's book than from the ocean.

Legoland theme park takes its inspiration from Lego toys, those cute little bricks that snap together to build all kinds of fun things. It's one of several Legolands worldwide.

The San Diego Zoo's sister park offers a different kind of animal experience. Its name (Safari Park) is the clue and it indeed offers a more safari-like experience. Lots of large animals live in the same big, open areas here - predators kept away from prey, but otherwise much as they would in their natural habitat.

Coronado isn't really an island but a peninsula - a fact that doesn't get in the way of the name most people use for it. Whatever you call it, it's on a slender strip of land between the San Diego Bay and the Pacific Ocean, barely a few blocks wide. What it lacks in size it makes up for in fun, with a beach that's been named among the best in the country, a classic hotel and a compact, lively little downtown. Coronado's laid-back temperament makes a nice break from the busier parts of San Diego across the water.

Originally built for temporary use during the 1915-16 Panama-California Exposition in San Diego, Balboa Park boasts buildings beautiful enough to be considered attractions in themselves, especially if you're a photographer. They're surrounded by trees, lawns and fountains, but that's only the beginning.

In Spanish, La Jolla means "the jewel," an apt name for a pretty, Mediterranean-style seaside town - sitting on cliffs flanking the ocean.
La Jolla visitors like to shop and eat in the nice restaurants, some of them with lovely ocean views. There's a lot for the active visitor, too, including ocean kayaking, tide pool-hopping, surfing at Windansea Beach, biking or running along the waterfront.

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