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. 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.
DESIGNED FOR
Tax accountants in public or private practice in need of power-packed one-day Federal business entity update course. This is a great course to gear up for tax season.
BENEFITS
Once participants have completed this session they should be able to:
- Understand the major Federal income tax laws impacting C & S corporations, partnerships, LLCs, LLPs and their owners
- Identify and comprehend any newly enacted legislation, changes and IRS
guidance affecting 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
included but are not limited to:
- Discuss the business income tax provisions in the SECURE Act & CARES Act 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; 20% 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, selfemployment
taxes and retirement plans
COURSE LEVEL
Update
PREREQUISITES
None
ADVANCE PREPARATION
None