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.
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 2022 tax returns and 2023 tax projections with an emphasis on newly enacted income 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 most recent business income tax legislation passed to date (e.g., American Rescue Plan Act, SECURE Act, CARES Act and COVID-related Tax Relief Act, Taxpayer Certainty & Disaster Relief Act and Tax Cuts & Jobs Act)
- Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, §461(l) business loss limitations, §163(j) business interest deduction limitations, accounting method changes, depreciation, fringe benefits and entertainment expenses
- Brush up on issues related to compensation, distributions, liquidations, self-employment taxes and retirement plans
- Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms
COURSE LEVEL
Update
PREREQUISITES
Background in business and individual income tax law.
ADVANCE PREPARATION
None