Income Tax Seminar Topics

2018 Fall Topical Income Tax Update (see details below):

  1. 2018 Tax Legislation–New Developments, Review of Cases, Rulings & IRS Pronouncements
  2. Depreciation & Sale of Business Property: Form 4797
  3. Tax Cuts and Jobs Act: What the Practitioner Needs to Know
  4. Ethics & the Tax Client
  5. §199A The New 20% Deduction
  6. Decedent, Estates, Form 1041 and Final Form 1040
  7. Methods of Accounting Changes: Form 3115

2018 Year-end Income Tax Update (see details below):

  1. 2018 Tax Legislation–New Developments, Review of Cases, Rulings & IRS Pronouncements
  2. State Tax Updates
  3. Federal Income Tax Update
  4. Form 1040 – The Impact of the Tax Cuts and Jobs Act: Line by Line Analysis
  5. Ethics & the Disciplinary Standards
  6. What’s Exciting, New, and Old with Partnerships: Audit Rules and Regulations, Agreements, Hot Assets, & §199A 20% Example
  7. IRC Section 199A issues relating to S Corporations, Reasonable Compensation, and Sole Proprietorships
  8. Updates on §199A changes

2018 Fall Topical Income Tax Update Details

2018 Tax Legislation–Overview: Let us provide you with an overview of new and proposed legislation, significant cases, IRS rulings and pronouncements.

Depreciation & Sale of Business Property: Form 4797: This section will focus on pro-taxpayer provisions in the tax law allowing us to shorten depreciable lives.  Learn about opportunities presented in IRS pronouncements and case law. Unearth benefits provided in the capitalization and repair regulations.  Understand the benefits of cost segregation studies and how to apply basic cost segregation study concepts.  Learn how to fix depreciation errors from prior years and catch up missed depreciation deductions in the current year. Learn how to help your client take full advantage of these rules and accelerate deductions. What is the process of estimating costs when selling property?  We will present you with guidance regarding gain and/or loss for partners and S corporation shareholders, capital assets, and the disposition of non capital assets. Finally, we will walk you through utilizing Form 4797 Sale of Business Property.

Tax Cuts and Jobs Act: What the Practitioner Needs to Know: The Tax Cuts and Jobs Act made changes that will impact individuals, employers and businesses. Get the current scoop on what changed and the impact of the new law as it relates to taxes.

Ethics and the Tax Client: During the past several years, news rules have been adopted or proposed that impact how we interact with our clients. This segment will provide a look at the latest IRS regulations and changes to professional standards. We’ll look at the new ethics standards for Enrolled Agents, the updated CPA standards of professional conduct and other new professional standards for tax preparers. We’ll examine issues like independence, billing, conflicts of interest, communications, confidentiality, and a number of other ethical issues that may arise as you work with a tax client.

199A The New 20% DeductionAs a result of the Tax Cuts & Job Act, the Qualified Business Income (QBI) deduction allows individuals a §199A deduction of up to 20% against income from passthrough businesses (partnerships, LLC’s treated as partnerships of S Corporations, S corporations, and sole proprietorships) for tax years between 2018 and 2025. We will provide you with a thorough review of the new 20% deduction as well as some detailed examples.

Decedent, Estates, Form 1041 and Final Form 1040: What, as tax professionals, do you need to do when a client dies? We will present a definition of terms including income in regards to the decedent, filing dates, § 454(a) regarding savings bonds, medical deductions, and separating income between the decedent and the estate. Why is it important to work with an attorney? What forms are required for certain income and expenses {1040, 1041, 706}. Who can file/sign the decedent return if no estate is open? What is the significance of IRC § 754 Step Up on decedent assets? What happens to the decedents capital losses? When does the Form 56 have to be signed and submitted?

Methods of Accounting Changes: Form 3115: Form 3115 can be mind boggling. Let’s break it down for you as we discuss when a Form 3115 should be filed and how to make the §481 adjustment.

2018 Year-end Income Tax Update Details

2018 Income Tax Legislation: Let us provide you with an overview of new and proposed legislation, significant cases, IRS rulings and pronouncements.

State Tax Updates: Each Part II Seminar includes a review of state law and form changes for Illinois, Iowa, Nebraska, Ohio, Pennsylvania or South Dakota. Each seminar will cover the state in which the seminar is held, with the following exceptions:

  • Illinois and Iowa reviews will both be presented at the Davenport seminar.
  • Nebraska and Iowa reviews will both be presented at the Omaha & Sioux City seminars.
  • Ohio and Pennsylvania reviews will both be presented at the Pittsburgh and Youngstown seminars.

The review for each state includes any tax law updates and resources available to assist with your client’s questions. Each state review also includes coverage of important new state rulings and other state income tax developments.

Form 1040 – The Impact of the Tax Cuts and Jobs Act Line by Line Analysis: Our thorough “Form 1040 & Beyond” review of up-to-the-minute tax law and IRS form changes for 2018 will include line-by-line explanations and analysis of troublesome areas. Our review will be fully integrated with any 2018 tax law changes. The seminar includes many practical and useful illustrations to have you “up and running” for next year’s tax season and ready to answer your clients’ questions about the new tax laws.

Ethics – The Tax Professional’s Disciplinary Standards: Today, every tax professional faces rapidly expanding ethical responsibilities as courts and governmental agencies challenge the nature of traditional client relationships. With special emphasis on the disciplinary standards, we’ll look at how professional associations and licensing boards are modifying professional standards and how those changes impact tax preparation and tax planning. We’ll examine recent IRS and Congressional proposals to direct the tax professional’s focus toward client compliance and how these proposals are likely to impact tax avoidance planning. We’ll also look at a number of other ethical issues facing our profession. This segment is directly related to your professional responsibilities and includes materials taken from the ABA Model Rules, as well as other disciplinary standards and rules established for attorneys, certified public accountants, enrolled agents, and certified financial planners.

What’s Exciting, New, and Old with Partnerships: Audit Rules and Regulations, Agreements, Hot Assets, & 199A 20% Example: Beginning in 2018, how IRS audits partnership returns changes and your clients have choices to make to prepare for the new Partnership Audit Regime.  Which elections to be made, agreements may need to be changed and timeframes will be defined. Audits may not start until 2019, but your client will be making choices that will impact future audits. IRC §751 was created to address certain types of assets during a partnership liquidation. We will review this potentially very complicated process with examples.

IRC Section 199A issues relating to S Corporations, Reasonable Compensation, and Sole Proprietorships: How will the IRS evaluate reasonable compensation in light of §199A?  Will S Corporations and Partnerships both be under the IRS microscope for reasonable compensation?

Updates on 199A changes: As the year progresses, we will present you with any new developments regarding 199A changes.

* Ohio CPAs: Each seminar is approved for 8 hours of CPE including 1 hour of professional standards and responsibilities for all CPAs who have already taken the mandatory 3-hour professional standards and responsibilities course. CPAs whose license expired prior to 2006 should have already taken that course. Ohio’s Accountancy Board requires that CPAs attend a special 3-hour professional standards and responsibilities course before an Ohio CPA can renew their initial license. Those who have not yet taken the mandatory course will receive 8 hours of CPE in taxation.

* Attorneys: Each of our seminars are approved for 6.75 sixty-minute hours of CLE including 1 hour of ethics by the CLE accrediting agencies in states where we present our seminars and by the Federal Courts. In Pennsylvania, each of our seminars is approved for 6.5 sixty-minute hours of CLE including 1 hour of ethics.

* CFPs: Although Certified Financial Planners will receive 8-hours of CE credit for attending each of our 2018 seminars, none of the hours will qualify for CFP ethics credit.

 

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