Navigating Entity Selection for Small Business Owners: How to Answer the Not-So-Quick Entity Question - Sponsored by AICTP

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Description

IRS Program #: X9QQU-T-00955-23-O
CTEC #: 6257-CE-0136
CE: 1 IRS & 1 CTEC credit

Learning Objectives

Identify common misconceptions and mistakes that small business owners make when selecting their entity, and explain why seeking advice from a tax team is crucial in addition to consulting an attorney.
Describe the various entities available and their respective tax implications, including partnerships, LLCs, S corporations, and C corporations, and weigh the benefits and drawbacks of each entity type.
Guide small business owners through the process of creating a solid business plan before selecting an entity, to ensure that their entity choice aligns with their overall business goals and maximizes their tax savings.
Provide informed advice to small business owners on entity selection, enabling them to make informed decisions that will benefit their financial futures.

Contributors

Dominique Molina, CPA

Dominique Molina, a CPA since 2000, has devoted her career to enhancing the expertise of accounting professionals while helping small businesses minimize their tax burden. She emphasizes proactive tax planning strategies, enabling small companies to leverage tax laws in the same way large corporations do. Molina founded the American Institute for Certified Tax Planners (AICTP) in 2009 to share her approach with other accounting professionals. The non-profit organization trains and certifies tax experts in proactive tax planning, with over 1,200 Certified Tax Coaches, Planners, and Strategists across the nation serving over 360,000 entrepreneurial businesses.

AICTP aims to elevate the accounting profession, attract younger generations, and offer an enhanced value proposition beyond traditional tax services. Molina advocates for a shift from reactionary reporting to strategic knowledge, providing clients with guidance for tax savings and wealth building.

As an early adopter and proponent of value pricing, Molina challenges the century-old hourly billing model still used by 86% of firms. Her thought leadership encourages a focus on service value and cost predictability for clients. Molina also cautions the industry about potential pitfalls of DIY planning software, emphasizing the irreplaceable expertise of professional tax planners.

Molina frequently speaks and teaches on topics such as Advanced Tax Planning, Federal Tax Reform, and Getting Paid What You're Worth. In 2020, she expanded her educational outreach through Think Outside The Tax Box (TOTTB), an online publication offering tax reduction strategies for accountants and small business owners. In 2022, she acquiredMidasIQ, a leading tax education company educating the public on tax reduction strategies and the value of expert tax guidance from Certified Tax Planners.

Dominique Molina remains a champion for modernizing and elevating the accounting industry, highlighting the value CPAs offer in guiding clients toward better business outcomes.

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Description

Contributors

Dominique Molina, CPA