With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses and their owners.
BENEFITS
- 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 fast-paced session is a comprehensive review ofthe 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 & CURES Act 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
COURSE LEVEL
Update
PREREQUISITES
None
ADVANCE PREPARATION
None