Federal tax laws can be treacherous, even for the seasoned tax practitioner, with a minefield of hidden complexities and ever-changing tax rules and forms. This program is for experienced professionals who want to delve deeper into certain key areas of taxation and master their intricacies. All topics will be reviewed along with actual tax forms to make this self-study webinar a practical hands-on workshop. You will:
- Get updates on newest planning techniques for business entities and individuals
- Advise your clients on the latest tax changes and opportunities included in the Tax Cuts and Jobs Act
- Interact with your colleagues to discuss current tax issues affecting your practices and clients
- Review and analyze new tax forms hot off the IRS press
To update experienced tax professionals on specific critical areas of the federal tax code, and show them how to effectively handle these important issues and complete the required tax forms.
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Tax Cuts and Jobs Act (TCJA) of 2017, including:
– New tax rates, changes to the personal exemption, standard and itemized deductions
– SALT deduction limitations
– Tax implications of alimony after 2018
– The Section 199A qualified business income deduction
– Bonus depreciation and §179 deductions
– The new business interest expense deduction limitations
– Impact on estate and gift tax rules -
Post TCJA Health Care Act provisions, including:
– Individual Shared Responsibility Payment, larger employer mandate, 3.8% Medicare tax on net investment income and 0.9% additional Medicare tax on earned income, and the premium tax credit - The new centralized partnership audit regime
- Implementation of tax accounting method changes related to adoption of ASC 606
- Review of rules for disclosure of specified foreign financial assets; FBAR rules
- Tax implications for same sex marriage and divorce update
- New developments for S corporations, LLCs and partnerships
• Identify the characteristics of Congressional legislation in the early days of the Coronavirus pandemic
• Identify the Tax Cuts and Jobs Act (TCJA) effect on individual taxpayer’s tax brackets, personal exemptions and the standard deduction
• Recognize the effect of the Consolidated Appropriations Act of 2021 (CAA 2021) on the AGI threshold for itemized medical and dental expenses
• Recognize the effect of the CARES Act and the CAA 2021 on the individual charitable deduction AGI limitation
• Recognize the changes made on the exclusion of cancelled qualified principle residence debt under the CAA 2021
• Identify the primary changes to the “kiddie tax” rules under the TCJA and the SECURE Act
• Identify the TCJA overall effect on individual AMT rules
• Recognize the overall approach taken by Congress to give income tax relief to pass-through income recipients
• Identify the effective tax rate applicable to income qualifying for the Section 199A deduction
• Recognize the definition of a “qualified trade or business” under Section 199A
• Recognize those types of professional service businesses falling outside the limitations of non-qualifying businesses
• Identify the scenarios under which limitations to the Section 199A deduction will apply
• Identify the separate limitation formulas associated with qualified and nonqualified business income
• Recognize basic tax planning considerations involving the Section 199A QBI deduction
• Recognize the TCJA and the CARES Act limitations on the deduction of net business interest expense
• Recognize the carryback and carryforward regime for corporate NOLs under the CARES Act
• Identify the most recent Section 179 expensing limits
• Identify the effect of the CAA 2021, the American Rescue Plan Act, and the Infrastructure Investment and Jobs Act on the availability of the Employee Retention Credit
• Identify the minimum employee contribution to an employer’s 401(k) and 403(b) plans under the automatic enrollment provisions of the SECURE 2.0 legislation
• Recognize the new RMD rules under the SECURE 2.0 legislation
• Recognize the effective date on which employers may match student loan payments into the employee’s retirement plan under the SECURE 2.0 legislation