Explore recent federal tax issues that may impact your organization, including major ramifications of the Tax Cuts and Jobs Act (TCJA), CARES Act and subsequent legislation. The session will address planning alternatives and the potential risks associated with those strategies.
DESIGNED FOR
Financial professionals who are, or aspire to be, chief financial officers. The discussions are targeted at those in midsize organizations
BENEFITS
- Learn about how standards are changing for classifying employees and independent contractors.
- Understand changes to the taxation of capital assets.
- Find out how to navigate federal interest limitation rules.
- Understand how the (TCJA) affects your organization’s ability to carryback and carryforward business losses.
HIGHLIGHTS
The AB5s of employees and independent contractors-
This session addresses the 20 factors the IRS uses to classify workers, with a focus on the severe tax penalties for misclassification. We will look at how Dynamex and AB5 will impact your organization. We will also examine the “Gig” worker, review the broader independent contractor workforce, and apply the worker classification on year-end reporting.
Expensing and depreciating business assets-
Recovering the cost of capital is a critical business skill, and Congress is constantly changing the rules to impact the economy. In this session, we will discuss the most recent tax depreciation rules and developments, as well as review the impact of TCJA and CARES Act changes. We will address Section 179 and 168(k) expensing, along with capitalization regulations and Qualified Improvement Property.
Navigating the new interest expense limitation-
Are you large enough to have your interest expense limited? This program will discuss how the new 30%/50% limit works and what happens to excess interest expense. We will examine how the new rules apply to partnerships, S and C corporations and their owners. This session will discuss reporting on Form 8990, as well as the 2022 problem.
COVID-19 losses: Going backwards and forwards-
The Tax Cuts and Jobs Act (TCJA) made turning business losses into tax refunds far more difficult. The CARES Act suspended and modified many of those changes. This session will dig into the new rules for deducting business losses. We will also address the new 5-year carryback, as well as amended returns and “quickie refunds.”
COURSE LEVEL
Basic
PREREQUISITES
Financial management experience.
ADVANCE PREPARATION
None