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On Demand Audio

Tax Concepts for the Closely-Held and Family Owned Business

(514 reviews)

Produced on October 13, 2016

Taught by
$ 59 Tax and Business, Corporate, & Securities In Stock

Course Information

Time 60 minutes
Difficulty Intermediate

Course Description

As a business owner, is the Internal Revenue Code just an 86,000-rule mess? If so, this is the seminar for you. The Internal Revenue Code is very complex, so complex in fact that many professionals spend their entire careers practicing solely in the area of tax. Understanding the tax code is critical to utilizing credits that exist and accelerating deductions in order to plan the best tax strategy possible. In this program, attorney Roman Basi addresses critical tax concepts, including knowing what business entity to choose, the basics of tax in operations, and disposition issues that will empower the business person to make use of the most complicated set of laws in this country—tax law.

Learning Objectives:

  1. Identify how to select an entity from an alphabet soup of choices
  2. Understand how entity selection affects tax issues
  3. Shape and mold entity operation and tax issues to one’s favor
  4. Grasp exit strategies, business succession, and tax issues


Roman Basi

The Center for Financial, Legal & Tax Planning, Inc.

Roman Basi, raised in Southern Illinois, began his working career at a young age umpiring little league base-ball games. He spent his teenage and college years working for his father’s varied business interests. These experiences helped develop his future interest in helping small business owners fulfill their business and succession plans.

He graduated from Millikin University obtaining a Bachelor’s of Science Degree with a minor in Psychology. After receiving his degree, he continued his studies earning an MBA from Southern Illinois University with an emphasis in Accounting. He continued on to law school receiving his JD (law degree) from Southern Illinois University. He is a licensed attorney in Illinois, Missouri, Florida and Arizona. Roman is also admitted to the United States District Court for the Southern District of Illinois, the United States Court of Appeals for the 7th Circuit, and admitted to practice in the United States Supreme Court.

Roman is also a licensed Certified Public Accountant (CPA). Roman is also a licensed Managing Real Estate Broker in Illinois with Heartland Realty & Rentals, Inc., a licensed Real Estate Sales Associate in Florida, a licensed Title Insurance Agent with ATG Fund, Inc. and a licensed Private Pilot with an Instrument Rating.

Over the past several years, Roman has worked on many business transactions and has lectured to various regional and national audiences throughout the country, including extensive work in the continuing education field for Attorneys and CPA’s as well as providing the education necessary for the Voluntary Tax Return Preparer Registry with the IRS. From these venues he has personally met and worked with business owners through-out the United States. He is President of The Center for Financial, Legal & Tax Planning, Inc. (DBA Basi, Basi & Associates) and is in high demand by business owners for his expertise in financial, legal and tax matters.

Roman has been published in the following publications: The Illinois State Bar Association Section on Federal Taxation, Productivity, Agency Sales, Industrial Distribution, Supply House Times, Distributor Link and the I.D.A. Management Journal.

Roman enjoys working with his father and with their national clientele. He is responsible for many of the legal contracts produced by The Center for Financial, Legal & Tax Planning, Inc. His areas of expertise include mergers and acquisitions, contracts, real estate law, tax and estate planning.

Roman is very active in his local community and is a member of numerous associations, and Boards of Directors and has served on various committees. He currently serves on the International Business Brokers Association Education Committee. He participates in the Illinois Department of Transportation Adopt-A-Highway Program. Roman is also a current member of the Arizona, Florida, Illinois and Missouri Bar Associations, the American Institute of CPA’s (AICPA) as well as a past member of the National, Illinois, Florida, Sarasota and Egyptian Boards of Realtors. He has previously served as a member on the Illinois State Bar Association’s Federal Taxation Section Council Committee, Director for the Illinois Association of Realtors, Officer and two term President for the Egyptian Board of Realtors, Director for the Marion, Illinois Chamber of Commerce, and volunteer for the Women’s Center of Carbondale, Illinois.

Roman and Brandi, his wife of 20 years, have two children: Marissa (18) and Alexis (16). They reside in Marion, Illinois. He enjoys spending time with his wife, attending his daughters’ various activities, playing golf, flying a 1982 Piper Saratoga and is an avid St. Louis Cardinals’ and Tennessee Titans fan.


Lincoln W.

The presentation was very clear, well articulated, and was organized and substantive.

Hubert L.

Very informative.

John K.

I really enjoy the lectures from the Basi firm. Thorough but not too wordy. Every minute is packed full of information. Wish I had this firm as my mentor.

Misbah R.

Excellent Speaker - Are there transcripts available for the CLE's? That ould eb fanstastic and ould enhance the value offered by Lawline.

David F.


Kristin T.

Excellent content

Merry B.

Great tips

Sara N.

Great presentation - clear and concise.

Allan A. W.

Excellent presentation and highlighted many areas for closely held businesses.

Kathleen M.

very informative

Todd R.

Fantastic introductory course. Covered a lot of good stuff. Very useful for a non-corporate lawyer who is actually starting a business, by the way.

Lawrence C.

Well organized & presented.

Anthony L.

Informative and clearly articulated.

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