Tax Update

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 program 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. The discussion format for this program encourages exchange of experiences among practicing professionals.

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
Bottom
Prerequisite: 

Working knowledge of federal income taxes.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Taxes