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Getting Cash Out of Your Business - Mini CourseCode: 22-CASH2
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Course description and objectives:
This course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and principals in small to medium sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest free loans, and investment planning are investigated. Effective pay plans essential to attract, motivate, and retain key people are described and evaluated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. Equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOTs, stock options, and bonuses. The new field of professional services is probed to provide tax, financial and estate planning to the key executive.
After reading the materials, participants will be able to:
1. Identify four types of income, from a financial and tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
2. Structure compensation to maximize the net dollar return using strategies that involve all aspects of how the client relates to the company for which they may be an owner, employee, or both.
3. Distinguish qualified deferred compensation plans from nonqualified deferred compensation plans, and differentiate defined contribution plans from defined benefit plans noting the characteristics of each so that business owners may choose the most suitable plan to accomplish their financial and worker incentive objectives.
4. Explore and examine the scope and variety of excluded fringe benefits including tax treatment, operational details, and level of incentive based compensation.
5. Apply the directly related test and the associated test to insure that entertainment expenses can be deducted, treat reimbursements paid under accountable and unaccountable plans accordingly, and identify deductible travel expenses undertaken for business.
6. Explain four types of insurance that a company can provide its employees, describe the various types of equity participation available from which companies may choose, and define a buy sell agreement and the two basic types of a buy sell agreement.
Presentation Method: QAS Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase