Description

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day update course focusing on individual income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current federal individual income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax-planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to be up-to-speed quickly and have a successful federal individual income tax filing season.

Objective

Once participants have completed this session, they should be able to * Prepare a complete Form 1040 income tax return and related schedules with minimal review points * Understand the individual income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

Highlights

* This session is a comprehensive review of the federal individual income tax provisions and tax forms/schedules that will affect the 2020 tax returns and 2021 tax projections with an emphasis on newly enacted tax legislation, court cases, and IRS guidance * Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real-world examples, new federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart * Topics include but are not limited to * Discuss the SECURE Act of 2019 individual income tax provisions * Review the individual 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 income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, NOLs, business loss limitations, interest deduction, accounting method changes, and income exclusions * Look at any changes to the Form 1040 and other related schedules and forms * Cover issues related to the various taxes (i.e. income, capital gain, self-employment, and alternative minimum tax (AMT)) * Review changes to depreciation, itemized deductions, adjustments to income, passive activities, and tax credits

Who Should Attend

Tax accountants in public or private practice in need of power-packed, one-day federal individual income tax update course, and this is a great course to gear up for tax season

Required Knowledge

None

Advanced Prep

Background in individual income tax law