The purpose of this presentation is to:
- Describe the various types of business structures
- Provide examples of common structures used in specific businesses and their applicable life cycles – which one is generally used when
- Define the tax impact of each type of structure
- Clarify factors relative to the recent tax reform legislation
The participants should leave with an understanding of:
- Business structure options
- Tax ramifications of these
- How tax reform legislation applies
Sallie Mullins Thompson started her business management and consulting practice, in 1995, providing financial services to professionals, families, and small business owners in the areas of accounting; tax return preparation; budgeting & cash flow projections; payroll reporting; income and asset protection; and college and retirement planning.
In addition, she is a holistic financial planner and investment advisor and has managed the financial lives of her clients. Before beginning her financial services practice, Sallie spent 20 years with IBM in NYC and Houston as a marketing representative, system engineer, and project manager.
As a member of the AICPA, NYSSCPA, and FPA organizations, she is active on various committees with all three. In addition, she mentors small business owners as part of NYS’s Micro Mentor and female CFP candidates as part the FPA Women’s Initiative. Further, she is a consultant with the NYC Small Business Services (SBS) agency in its M/WBE program.
In 1996, Sallie joined the National Association of Women Business Owners (NAWBO), Houston and NYC, where she held positions as Treasurer, Public Policy Rep, and Governance/Audit chair. At the national NAWBO level, Sallie was chair of the NAWBO PAC and served on NAWBO’s national board of directors. She currently serves as a mentor in NAWBO-NYC’s Mentoring program.
Sallie is Treasurer of her coop board; is a member of the Board of Governors of the Accountants Club of America; and was recently appointed to the Leadership Advisory Council of Women Impacting Public Policy (WIPP). She was a trustee on the board of the Morris-Jumel Mansion, Inc. from 2007-14, where she served as Treasurer and chair of the Finance/Audit and Governance committees.
In 2015, Sallie was appointed by the US Treasury to a three-year term, representing NYS, on the Taxpayer Advocacy Panel (TAP), a Federal Advisory Board, composed of citizen volunteers, who act on behalf of US taxpayers by making recommendations to the IRS regarding taxpayer service, satisfaction, and compliance improvements. Sallie was the TAP Vice Chair in 2017.
Sallie’s personal interests are animal rights advocacy, recycling, and federal public policy issues that affect women-owned small businesses (WOSBs). She is the proud mother of daughter Kathryn and doting grandmother of Max and Parker who live in Washington, DC. She lives in the West Village with her adorable cats, Sprinkles and Snuggles, and her husband, Ralph.