Overview

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 with an emphasis of newly enacted income tax legislation.

Learning Objectives

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

Course Highlights

This fast-paced session is a comprehensive review of newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures and private letter rulings affecting individuals and businesses.  Each participant will receive a comprehensive manual with the hottest tax topics including Pat Garverick’s Quick Reference Chart. Topics include but are not limited to: 

• Discuss the most recent individual and business income tax legislation passed to date
• Walk through major tax changes to corporations, partnerships and/or individuals and any changes to the income tax forms and other related schedules
• 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, retirement plans, fringe benefits and entertainment expenses
• Brush up on the individual and business income tax rates (e.g., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)
• Discuss other individual income tax topics and changes to filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income and income tax credits (e.g., child tax credit and dependent care credit)
• Walk through the NEW final required minimum distribution (RMD) regulations
• Review other important IRS audit areas such as basis and at-risk limitations for S shareholders and partners, passive activity losses and real estate professionals and self-employment taxes