Simply Tax Episode 51: Choice of Entity for Family Businesses Part I

Presenters/Authors

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In the past year, businesses, owners and their advisors have been carefully evaluating their choice of entity and wrestling with converting S corporations to C corporations after tax reform. Listen in on an insightful two-part discussion as guests Steve Gorin and Susan Jones join host Damien Martin to take a closer look at this perplexing and complicated topic.

TIME STAMPS OF WHAT’S COVERED

  • Who’s Steve Gorin? @ 02:45
  • Who’s Susan Jones? @ 04:53
  • Overview of the taxation of entities @ 06:18
  • Navigating the menu of choices of entity @ 13:26
  • Calculating the effective annual tax rate @ 16:40
  • Exceptions to “47.3 percent pay me now or pay me later”
    • Qualified small business stock @ 20:40
    • “Step up” in basis at death @ 22:01
  • Self-employment tax considerations @ 24:37
  • Pressures to pay dividends
    • Personal holding company tax @ 29:13
    • Accumulated earnings tax @ 30:30
  • A trap for professional service corporations after tax reform @ 32:11

BIO FOR GUEST

Steve Gorin

Steve Gorin is a partner in Thompson Coburn's St. Louis, Missouri, office and a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees or third parties) or transfer (to family members) and provides a legal framework for an orderly transition while strategically saving income, transfer and FICA taxes.

Learn more about Steve
Connect with Steve on LinkedIn

Susan Jones

Susan Jones is the St. Louis leader for BKD's Private Client Services (PCS) tax team and a leader of BKD Family Office. She provides sophisticated income, gift and estate tax compliance, consulting and planning services to individuals, families, fiduciaries, private foundations and their related entities. She also provides proactive executive compensation planning and succession planning for high-net-worth individuals and their family-owned businesses.

Connect with Susan on LinkedIn

RESOURCES MENTIONED IN THE EPSIODE

View Steve’s webinar: Effective Business Income Tax Rates in Light of 2017 Tax Law Changes

Subscribe to Steve’s blog: Business Succession Solutions

Listen to previous episodes of the “Simply Tax” podcast mentioned during the episode:

ADDITIONAL RESOURCES

Wealth Transfer Strategies for Families presented by Susan Jones and Holly Pantzer

Episodes of “Simply Tax” podcast included in the introduction to part I:

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A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.

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