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Courses/Law/Tax Law

Advising Small Business: Top Tax Issues

Navigating Compliance, Opportunities, and Risks in Small Business Operations

Created byElpidio Cruz
4.6
(149 reviews)
BeginnerUpdated Aug 22, 2023
Advising Small Business: Top Tax Issues

What You'll Learn

check_circleIdentify the jurisdictional considerations and localities that may impact small business operations in different states.
check_circleProvide guidance on the implications of P.L. 86-272 for small businesses engaged in the solicitation of sales in the digital economy.
check_circleUnderstand the tax implications and considerations involved in selling a small business and provide guidance accordingly.
check_circleAssist small business owners in planning and preparing for self-employment taxes, including quarterly payment obligations.
check_circleIdentify and explain allowable deductions for small businesses, including those specific to online and digital operations.
check_circleUnderstand the size classification criteria for small businesses based on revenue, employees, and relevant factors.

About This Course

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

Your Instructors

Elpidio Cruz
Elpidio Cruz

Indirect Transaction Tax Senior | EY

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star149 reviews

I am an attorney working in New York. My work consists of state and local tax due diligence in the context of mergers and acquisitions. During my career, I've worked on various income and non-income tax matters including nexus determinations and remediation. Additionally, I am an author of "Bob Becomes an Agent", a humorous adventures novella that plays with the idea of imposter syndrome and is a must-read for anyone starting off in their dream career.

Mary-Lyn Buckley
Mary-Lyn Buckley

EMMY-NOMINATED REPORTER/MMJ AT NEWS 12

I am a hardworking, hungry, and self-sufficient multimedia journalist always searching for my next story. I am a reporter, shooter, editor, and producer all in one. My specialty is live reporting during breaking news scenarios. I turn multiple stories a day, and have 6 years of on-air MMJ/Reporter experience.

Credit Information

What Students Are Saying

4.6
Student's Choice
149 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.

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