FOR LIVE PROGRAM ONLY Mastering the Rules of S Corporation Shareholder-Employee Compensation WEDNESDAY, FEBRUARY 1, 2017, 1:00-2:50 pm Eastern IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program is approved for 2 CPE credit hours. To earn credit you must: • Participate in the program on your own computer connection (no sharing) – if you need to register additional people, please call customer service at 1-800-926-7926 x10 (or 404-881-1141 x10). Strafford accepts American Express, Visa, MasterCard, Discover. • Listen on-line via your computer speakers. • Respond to five prompts during the program plus a single verification code. You will have to write down only the final verification code on the attestation form, which will be emailed to registered attendees. • To earn full credit, you must remain connected for the entire program. WHO TO CONTACT DURING THE LIVE EVENT For Additional Registrations: -Call Strafford Customer Service 1-800-926-7926 x10 (or 404-881-1141 x10) For Assistance During the Live Program: -On the web, use the chat box at the bottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN. Taxpayer’s Comprehensive Guide to LLCs and S Corps 2017 Edition (incrementally, but it’s a good one!) by Jason Watson, EA, CDFA, MBA and The Watson CPA Group Certified Public Accountants Business Consultants Copyright 2017 by Watson CPA Group 9475 Briar Village Point Suite 325 Colorado Springs, Colorado 80920 719-387-9800 www.watsoncpagroup.com All rights reserved. ISBN-13: 978-0692279649 (Watson CPA Group) ISBN-10: 0692279644 About the Author Jason Watson, EA, CDFA, MBA Managing Member Jason Watson is the Managing Member for the Watson CPA Group, a Colorado Springs tax, accounting and consultation firm. His main focus as Managing Member is small business consultation, and financial, investment and estate planning. Jason has owned two small businesses in the past and holds both a Bachelor’s and Master’s in Business Administration from the University of Wisconsin – Madison. He also became an Enrolled Agent with the IRS in 2013 and passed the Series 7 General Securities test in 2015. Note, he is a not a CPA. During college he migrated towards finance, economics and statistics, and not towards accounting. However, he only needs 15 more credits in accounting, and is trying to knock that out by spring of 2017. So, if he’s a bit grumpy please understand why. Debits and credits. Yuck. Why do they have to equal? Aside from carrying the one in accounting class, his desire is speaking with small business owners and creating a dynamic map for the future. Jason enjoys talking about business planning, corporate structures, self-employment taxes, health insurance issues and retirement planning. He is quick to point out that while 70% of the all situations can be covered with the basics, every business and person is truly unique. Ask a question and have a dry erase board handy, and you’ll see the true passion of a person who not only wants to educate but also wants to see small business owners thrive. And while this book is on LLCs and S Corporations can be labeled as shameless self-promotion, at the same time it truly came from Jason’s heart to help small business owners everywhere. Jason is also a Certified Divorce Financial Analyst and business valuator, and offers mediation support for divorcing couples. He also appears as a financial expert witness, and volunteers for the National Institute of Trial Advocacy in Boulder, Colorado. Jason is also founder and Principal of One Call Capital Group, a registered investment firm in Colorado. He approaches investment strategies from a financial planning perspective, and wants to ensure the plan meets the objectives. One Call Capital Group embraces a fee based approach to investment and financial planning, as opposed to commissions. While not speaking to a group of business owners, chatting it up with Colorado Springs CPAs or reading the latest thrilling IRS Publication, Jason likes dirt biking, boating in Wisconsin, watching the Packers beat the Bears (it never gets old), and running trails in Colorado. He used to also be a pilot for SkyWest Airlines, a United Express airline, but resigned in March 2015 to focus on small business owners and financial planning. Lastly and most importantly, he is a father of three numbskulls (Brendan, Corinne and AJ) and married to the Watson CPA Group’s founder and Senior Partner, Tina Watson CPA. You contact Jason at 719-428-3261 (direct) or [email protected] . The Watson CPA Group 9475 Briar Village Point Suite 325 Colorado Springs CO 80920 Team Profile While Jason Watson is the primary author of this book, the Watson CPA Group’s entire professional team is utilized to ensure accuracy and comprehensiveness. Here is a quick outline of our team members. Tina Watson, CPA, MBA Senior Partner Tina Watson became a Certified Public Accountant in 2003. Tina has both a Bachelor’s and Master’s in Business Administration and consults with a variety of small businesses including Defense Contractors. Tina takes pride in helping her client understand how the numbers come together. She believes that the extra time spent with a client illustrating the mathematical nuances helps everyone better understand their business. As a mother of three and avid tennis player, Tina still finds time to enjoy traveling, exercise and the occasional moment of downtime (which is like a unicorn). Sally Rhoades, CPA Tax Manager Sally began her tax career in 1988 with Ernst and Young (never heard of them, are they big?) in Nashville and became a CPA licensed in Tennessee in 1989. For 10 years, she followed her Air Force husband all other the world and was a full-time mother of two and a volunteer at various Air Force tax assistance offices. She has lived in Belgium and Germany and has deep experience with expat and military residency issues. Sally joined Watson CPA Group in early 2014 and became a licensed CPA in Colorado shortly thereafter. In her spare time, she enjoys camping, tailgating at USAFA football games, and spending time with her family. Mayzie Brown, CPA Accounting / Tax Manager Mayzie Brown became a CPA in Colorado in 2011. In 2002, she earned her BS in Accounting from the University of Colorado right here in Colorado Springs. She loves numbers, but her true love is taxes! Mayzie has been a part of the Watson tax team for two years and has recently become a full-time employee in the accounting department – don’t worry, we’re working on a way to clone her so we can still utilize her brain during tax season. Mayzie worked for the IRS for seven years prior to joining the Watson CPA Group. We forgive her for this (no, really!) and her unique perspective has proven invaluable when tackling a tax return. Outside of work Mayzie has a happy, busy life with her husband and their two active boys. She enjoys musicals, concerts, and travel. Amanda Rowles Business Development Amanda will be the first to tell you she loves organization, efficiency and a fast-paced environment. This brought her to Watson CPA Group during tax season and she never left! Amanda has become an addition to the year-round team as an onboarding liaison and a business development team member. During her day she wears many hats and enjoys moving from one project to another. In her personal life Amanda loves to spend time with her family, friends and animals. She also loves to curl up with a good book and her cat, usually with some kind of snack nearby. Seriously, during snow storms we all raid Amanda’s desk drawers. Peach Rings, Yum! One Call ● One Team ● Working in Concert In early 2015, the Watson CPA Group expanded its depth and quality of services to our clients. We were concerned about our business owners only having access to individual silos of quality advice from tax modeling to small business consultation to retirement planning to estate strategies. Picture a drive through Wisconsin farmlands. Each silo individually doing the right thing, but collectively missing the mark. Therefore, we have partnered with trusted advisors who work shoulder to shoulder who work collaboratively to form a singular financial team under one roof , quite literally. Tax and Small Business Consultants. Financial and Insurance Advisors. Estate Planning and Business Law Attorneys. Mortgage Brokers. For more information on The One Call Team, please visit- www.watsoncpagroup.com/toc Progressive Updates The tax law is continuously changing from the acts of our government, to the decisions by the tax court and federal courts, and through notices and private letter rulings from the IRS. In addition to changes, other topics of interest pop up in various trade journals such as Journal of Accountancy and Kiplinger’s Tax Letter. As we discover other issues concerning LLCs, S Corporations and self-employment taxes, we want to get the word out right away. More importantly, the frequent business consultations we perform and the questions we field provide a steady stream of new ideas that are worthy of being wormed into this book. So here’s to you- the curious small business owner helping others. Please don’t be like Mr. Collins who could have offered constructive criticism but rather chose to be unprofessional in his commentary. It is a shame when an intelligent person has the ability to educate others yet fails on delivery. No one is perfect. Opinions will differ. Currently this book is in the middle of a 2017 Edition makeover.