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| Defending Reasonable Compensation for Litigation and Examination (1725Q) |
Course CPE: 2 hours
Field(s) of Study: Business Law–1 hr; Taxes–1 hr
Program Level: Basic
Prerequisites: Previous training or experience with the fundamentals of accounting, finance, economics, and business writing. These individuals are often at the staff or entry level in organizations, although such programs may also benefit a seasoned professional with limited exposure to the area.
Advanced Preparation: None
Delivery Method: QAS Self-Study
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Item
Number: 23BV1215DRC
Shipping Weight: 0lbs. 0oz. |
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$147.00 |
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Recording Date: December 15, 2023
Presenter: Stephen Kirkland
Program Description:
The IRS is increasing enforcement action with respect to shareholder compensation at S corps. And challenges to compensation amounts have become more common in shareholder litigation, business valuations, family court, discrimination cases, and other types of disputes.
This session will explore how to determine a defensible compensation amount for litigation or tax authority examination, and how to know when amounts are unreasonably high or low. We will explain the commonly accepted approaches and evaluate data sets that are used as compensation comparability data.
Defending reasonable compensation for closely held SMB’s can be a lucrative specialty niche for practitioners growing their advisory service offerings. For advisors already engaged in valuation and tax resolution, knowing how to defend your reasonable compensation recommendation can keep you from getting blindsided on the witness stand and arm you with expert knowledge that will help you determine the credibility of the opposing side’s compensation figure, and how to discredit it when appropriate.
After completing this course, you will be able to:
- Identify the Cost, Market, and Income approaches for determining Reasonable Compensation
- Determine compensation surveys and data sets for credibility
- Identify how to use software to extract appropriate pay amounts from benchmarking data
- Identify how professional judgment and defensible assumptions can support an opinion
- Identify steps involved in preparing to defend your position in court or an IRS examination
- Determine actual case studies and tips from an experienced expert witness
For more information regarding refund or concerns, please contact our offices at (800) 677-2009.
The Consultants’ Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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