Tax Update Self-Study Webinar (10 Hours)

Overview: 

Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. This practical self-study webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. You’ll benefit from:

  • A detailed explanation of recent income tax legislation, including the Tax Cuts and Jobs Act of 2017
  • A review of recent revenue rulings, regulations and court cases
  • An update of pending tax legislation and other developments
  • In-depth examination of practical examples and insights from other practitioners
Objective: 

To provide CPAs with technical analysis and practical planning ideas based on the latest developments in tax legislation, litigation, regulations and rulings.

Emphasis: 
  • Detailed analysis of the Tax Cuts and Jobs Act of 2017 and its impact on:
    – Individuals
    – Corporations
    – Businesses and pass-through entities
    – Estate taxes and estate planning
  • Discussion of new tax regulations and proposals and their impacts
  • New information from the IRS
  • Recent court cases, rulings and regulations affecting individuals and businesses
  • New income tax rates and brackets
  • New measure of inflation provided
  • Capital gains provisions
  • Carried interests—new holding period requirement
  • New limitations on excess business loss
  • Deduction for personal casualty and theft losses suspended
  • State and Local Tax (SALT) deduction limited
  • Mortgage interest deduction limited
  • Alimony deduction by payor/inclusion by payee suspended
  • New deduction for pass-through income, Section 199A, and how it applies to sole proprietorships, general and limited partnerships, trusts, estates, LLCs, C Corps and S Corps
  • Repeal of ACA Individual Mandate
  • Expiring tax extenders
  • Discussion of changes to the Foreign Tax Credit
  • Changes in compensation limitations
  • New laws regarding retirement plans
  • Changes in basic exclusion amount in estate and gift taxes
  • Changes in procedure and administration

Identify the relative level of US Congressional action in response to the Coronavirus

Recognize the TCJA’s overall effect on individual tax brackets, the standard deduction, and the personal exemption

Identify recent changes to individuals’ itemized deductions made by the TCJA, the SECURE Act, the CARES Act and the Consolidated Appropriations Act of 2021

Identify the TCJA’s effect on the capital gains and qualified dividends tax rates

Recognize recent changes to individual adjustments to income and income exclusions

Recognize recent expanded tax savings associated with Section 529 college savings plans

Recognize recent changes made to the individual “kiddie tax”

Identify the current applicability of the AMT on individual taxation

Identify the changes made to the child tax credit under the American Rescue Plan Act

Recognize the current annual gift tax exclusion amount

Recognize changes made to retirement plan RMDs under the SECURE Act

Recognize the overall approach taken by Congress to give income tax relief to pass-through income recipients

Identify the basic formula for tax relief under Section 199A

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

Identify the new corporate tax rate structure under the TCJA

Identify the recent changes made to the limitation on the deductibility of business interest under the CARES Act

Recognize the changes to the carryback and carryforward regime for corporate NOLs made under the TCJA and the CARES Act

Recognize recent changes made to the deductibility of US research and experimentation expenses after 2021
 

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Price: 
$399.00
Prerequisite: 

Working knowledge of federal income taxes.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Taxes