2023 Business Entity Selection and Tax Advantages & Real Estate Tax Laws

(2 Credit Hours of Federal Tax Law)

Instant Access

Course Description:

This Course is for 2 hours. The first hour focuses on business entity selection, such as Sole Proprietorships, General Partnerships, Limited Partnerships, Limited Liability Companies, Subchapter S Corporations,  Subchapter C Corporations, and Series LLCs, focusing on the tax advantages of each, presented by Dr. Bart Basi. The second hour discusses Real Estate Tax Laws, including real estate taxation, the tax code, how it affects various facets of the real estate industry, and more, presented by Roman Basi.

In the first hour, Dr. Basi will present the webinar, "BREAKING NEWS: A Limited Liability Company Might Not Be the Best Structure for Your Business!!!"

It is far too common for entrepreneurs to form a limited liability company to conduct their business. A popular misconception is that limited liability companies provide their owners with the most asset and liability protection – which is not always the case. There are a variety of corporate structures to consider, each with its own set of benefits, protections, and shortcomings. What corporate structure is suitable for your corporation? A Close Corporation? What about a Series LLC? How does business entity selection affect your tax liability? This Webinar will take a deeper look into the various corporate structures with a special focus on the tax advantages and disadvantages of each.  

The learning objectives for this course are:

  • Understand the different types of business entities and their tax advantages.
  • Explain the factors that should be considered when selecting a business entity.
  • Be able to advise clients on the best business entity for their specific needs.
  • Utilize their knowledge of entity types to begin thinking about succession planning.

In the second hour, Roman Basi will discuss the latest tax laws and updates for Real Estate called: A Price to Pay for the American Dream: Real Estate Taxes. 

Traditionally, part of the American dream is to own a home; something out in the country with white picket fences or maybe a townhouse with the prettiest flower garden in the town – maybe you dream big and are aiming for the three-story mansion with a tennis court and an in-ground pool. Any way it goes, that house will probably come with a real estate tax bill. That being said, for residential and investment properties, strategies are written into the law to help minimize real estate taxes. This presentation will discuss real estate tax laws, highlighting several key helpful provisions for any property owner.

The learning objectives are:

  • Better understanding of real estate taxation
  • Determine the taxpayer’s basis in the property.
  • Discuss the tax code and how it affects the various facets of the real estate industry.
  • Utilize their knowledge of real estate knowledge to relate to specific concerns of residential homeowners or investors in real estate.
  • Identify and apply the latest tax laws and updates for real estate transactions.

This course counts for 2 hours of IRS CE under the category of Federal Tax Law Related Matters.

About the Presenters:

Dr. Basi is the current Senior Advisor to The Center for Financial, Legal & Tax Planning, Inc.  He is an Attorney and CPA with a Ph.D. in Economics. Dr. Basi is also one of the Tax Course Instructors for the Internal Revenue Service’s Annual Filing Season Program for Tax Return Preparers throughout the United States.  

Roman Basi is the current President of The Center for Financial, Legal & Tax Planning, Inc.  Roman is an Attorney, a CPA, Managing Real Estate Broker, Title Insurance Agent, and an instrument-rated private pilot.  Roman is also one of the Tax Course Instructors for the Internal Revenue Service’s Annual Filing Season Program for Tax Return Preparers throughout the United States.  Roman is admitted to practice in Illinois, Florida, Arizona, Missouri, the Federal District Court of Illinois Southern District, the United State Court of Appeals for the 7th Circuit, and Roman is also admitted to practice in the United States Supreme Court being sworn into the highest court in the summer of 2015 in front of all nine Supreme Court justices.