Course

Federal Tax Update-2

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Event Details

Thursday, January 9 – Friday, January 10, 2020

8:00am – 4:00pm
(Registration: 7:30am)

Location

Doubletree by Hilton Billings

27 N 27th St

Billings, MT 59101

406-252-7400

Field of Study

  • Taxes

CPE Credit

16 hours CPE credit

Course Code

FTU2-49

Instructor

Level of Knowledge

Update

Vendor

TaxSpeaker

Prerequisites

A basic understanding of tax preparation.

Description

Business Update
This course designed to provide a review of the latest in court cases, IRS Regulations and Pronouncements, forms and other items impacting business income tax issues. It continues the 3 continuous years for Taxspeaker as America’s only independently awarded top research tool as named by CPA Technology Magazine.

Here is what is covered in the 2019 actual practitioner written and taught course:

• Detailed analyses, with examples using the newly released Form 3115 of accounting methods and changes including completed forms for accrual to cash changes and discontinuing the use of Section 263A;
     o The new Regulations from September 2019 mandating revenue agreement between financial statements and tax returns;
• The new Business Interest deduction limit-with example Form 8990;
      o The business loss limit rule review;
• The new Clergy housing allowance case and Supreme Court announcement;
• 2019 depreciation changes;
• The latest LLC guidance including IRS attacks on layered LLC’s, PEO’s and wages inside LLC’s, 
• Payroll court cases;
• Estate and gift changes;
• QBI-the 199A deduction with the latest changes guidance, new Forms 8995 and 8995A, review of required disclosures and in-depth discussion of the trade or business income discussion and specified services from America’s QBI experts;
     o When and how to make the grouping election;
     o Rental property answers;
• Fringe benefit coverage including the new Excepted Benefit and individual coverage HRAs and the small employer option guide for health care;
• S corporation changes for PTTP and court case analyses of new basis rules;
     o Special coverage of reasonable compensation decision-making
• Discussion of the state sales tax issues-one year later.

Individual Update
• Opportunity Zones-in depth and detailed;
• 1040-a flash review of rate and bracket changes;
     o The new due diligence rules on head of household and dependents;
• SALT deduction-the new Regulations illustrated and explained with examples;
• Mortgage interest under the new law-like you’ve never seen it!
• 2019 itemized deduction inflation amounts;
• The new IRS Chief Counsel Memorandum on PEO’s and wages;
• Business or hobby-what is the real analyses of trade or business activities?
• The latest court case guidance on the sale of a residence;
• The continuation of IRS wins against “real estate professionals” with analyses;
     o The RE Professional grouping election
• The brand new 2019 K-1’s with changes-this will upset the apple cart!
• FBAR and foreign reporting-the latest cases and clear guidance on how, when and what to report;
• Health Savings Accounts in depth. With 41% of American employees now covered by these accounts we need to really understand the rules;
• IRA and pension plan updates including rollover and planning tips;
• Taxpayer First Act and the changes to reporting, penalties and most importantly, client and firm file security with guidelines;
• Virtual currency and internet businesses-an in-depth income tax discussion.

Highlights

  • Impact of the TCJA on Individuals and Businesses
  • Practical examples for computing Qualified Business Income
  • Discussion of 2018 developments of the TCJA
  • What type of entity choice makes sense?Planning opportunities for all entities and individuals
  • Estate and gift tax planning considerations
  • Taxation of businesses surrounding cryptocurrency

Objectives

After taking this course, you should have a better understanding on how to

  • Determine whether a client has Qualified Business Income (“QBI”) and how to compute it
  • Analyze entity choice and understand how to elect the proper entity 
  • Understand recent developments as they impact businesses and individuals 
  • Provide reliable and proactive tax planning
  • Educate clients on the taxation of cryptocurrency

Designed For

All tax practitioners, both public and industry.

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