Course

Description

All materials will be electronic only

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses and their owners.

Highlights

This fast-paced session is a comprehensive review of newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures and private letter rulings affecting individuals and businesses. Each participant will receive a comprehensive manual with the hottest tax topics including Pat Garverick’s Quick Reference Chart. Topics include but are not limited to:

• Discuss the SECURE & CARES Act individual and business income tax provisions
• Review the individual and business income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the 20% qualified business income (QBI) deduction; changes to the individual income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit and income exclusions; lower corporate income tax rates and AMT repeal, changes to NOLs, business loss limitations, interest deduction, accounting method changes, fringe benefits and entertainment expenses
• Walk through major tax changes to corporations, partnerships and/or individuals
• Review any other income tax changes with respect to:
  o income, long-term capital gain tax and dividend tax rates
  o depreciation and §179 expense
  o retirement plan and IRA contributions, distributions and rollover rules
  o alternative minimum tax (AMT)
• Discuss other important IRS audit areas such as:
  o basis and at-risk limitations for S shareholders and partners
  o passive activity losses and real estate professionals
  o self-employment taxes

Objectives

Once participants have completed this session, they should be able to:

• Understand the major Federal income tax laws impacting individuals, C and S corporations, partnerships, LLCs and LLPs
• Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual and business income tax returns

Designed For

Tax accountants in public or private practice in need of a power-packed one-day Federal individual and business income tax update course.