Advising Small Business: Top Tax Issues

This course is specifically designed for attorneys who provide advisory services to small businesses operating in multiple states. It equips participants with the knowledge and practical insights needed to navigate the complex tax and legal considerations associated with multistate business operations.

Attorneys will explore a range of topics, including state income tax compliance, jurisdictional nuances, industry-specific regulations, and how entity classification affects tax obligations. The course emphasizes the importance of staying informed about evolving state laws and regulations that impact small business operations.

Through comprehensive instruction and practical guidance, attorneys will learn how to assist small businesses in maintaining compliance, mitigating risks, and identifying strategic opportunities across state lines.

Some of the topics discussed include:

• Entity Classification and Related Tax Implications
• State Income Tax Compliance for Small Businesses
• Jurisdictional Considerations in Multistate Operations
• Industry-Specific Regulations and Compliance Obligations
• Recent Updates on State Laws and Regulations
• The Impact of P.L. 86-272 on the Digital Economy
• Complexities of State Income Tax Apportionment
• Employee vs. Independent Contractor Classification
• Tax Considerations for Small Online Businesses
• Best Practices for Separating Business and Personal Finances
• Tax Implications of Selling a Small Business
• Compliance Requirements for Freelancers and Independent Contractors
• Self-Employment Taxes and Estimated Quarterly Payments
• Allowable Deductions for Small Businesses
• Importance of Accurate Income Reporting
• Hiring Considerations Across State Lines
• Size Classification Criteria for Small Businesses
• Key Legal and Tax Advice for Attorneys Serving Small Business Clients
• Document Retention and Storage in the Digital Age
• Self-Employment Tax Challenges and Planning Strategies