Family business and investment entities, always subject to close scrutiny by the IRS, need to be the focus of succession planning. This area of planning calls for CPAs, CFOs, and other tax advisors to be proactive in working with their family business owners. And, with broadly different tax consequences, the use of buy-sell and deferred compensation agreements are quite important in the succession plan. Reasonable and tax realistic equity buy-out and nonqualified deferred compensation (salary continuation) agreements should be an integral part of preservation and management of the family-owned, closely-held business enterprise. This is especially important to promote family harmony and to avoid conflicts that could lead to protracted, expensive litigation.
Various types of buy-sell agreements are available, and all require careful planning and documentation. The CPA and other tax and financial professionals can and should be involved, and they can play an important role in plan design and implementation. Various Internal Revenue Code provisions, including IRC Secs. 302, 409A and 2703 impact buy-sell agreement and deferred compensation agreement planning. This proactive course will discuss practical planning solutions for these types of agreements and their implementation.
Upon successful completion of this course, participants will be able to:
- Recognize types of entities and buy-sell agreements, noting the requirements and importance of each
- Identify the formative authority on estate taxation valuation
- Note key equity succession/buyout plan issues, including outcomes of court cases
- Recognize the importance of NQDC agreement planning, noting IRC requirements and outcomes of applicable court cases
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