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 business income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current federal business 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 business income tax filing season.

Objective

Once participants have completed this session, they should be able to * Understand the major federal income tax laws impacting individuals, C- and S-corporations, partnerships, LLCs, and LLPs * Identify and comprehend any newly enacted legislation, changes, and IRS guidance affecting individual and business income tax returns

Highlights

* This session is a comprehensive review of the federal business 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 business income tax reference manual that includes numerous practice aids, real-world examples, new federal income tax forms and schedules, as well as Pat Garverick’s Quick Reference Chart * Topics include but are not limited to * Discuss the SECURE Act of 2019 business income tax provisions * Review the business income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the new lower corporate income tax rates and AMT repeal * Twenty percent qualified business income (QBI) deduction * Changes to NOLs, business loss limitations, interest deduction, accounting method changes, fringe benefits, and entertainment expenses * Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms * Recent changes to depreciation and §179 expense * Issues related to compensation, distributions, liquidations, self-employment taxes, and retirement plans

Who Should Attend

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

Required Knowledge

None

Advanced Prep

Background in business and individual income tax law