Income Tax Seminar Topics

2019 Fall Topical Income Tax Update (see details below):

  1. 2019 Tax Legislation–New Developments, Review of Cases, Rulings & IRS Pronouncements
  2. QBI Deduction Overview and Update
  3. Safe Harbor Election & Rentals
  4. Centralized Partnership Audit Regime
  5. §754 Election
  6. Ethics & the Tax Client
  7. IRS Procedures
  8. Insolvency & Cancellation of Debt
  9. Penalty Abatement
  10. Statute of Limitations
  11. Marijuana & CBD Oil

2019 Year-end Income Tax Update (see details below):

  1. 2019 Tax Legislation–New Developments, Review of Cases, Rulings & IRS Pronouncements
  2. Updates on 199A changes
  3. Divorce/Alimony/Child Support
  4. QBI Update- Excess Business Losses and Carryover of Unused QBI losses 
  5. Ethics & the Disciplinary Standards
  6. HRAs & Retirement Plans
  7. Life Insurance Taxation Issues
  8. Correcting Depreciation
  9. Meals & Entertainment
  10. Entity Choices under the TCJA

2019 Fall Topical Income Tax Update Details

2019 Tax Legislation–Overview: Let us provide you with an overview of new law enacted in 2019 and IRS rulings and pronouncements. We will cover some key issues where guidance has been issued concerning prior enacted law, additional guidance on the SALT deduction, meals and entertainment and other updates as released.

QBI Deduction Overview and Update: We will cover the newly released guidance from the IRS. Let’s take a look at how the IRS has explained the effect of farmer/fisherman income averaging on the §199A Deduction. We will spend some time on Trusts – Qualified Business Income (QBI) Deduction under §199A and provide an introduction to the new 2019 QBI forms.

Safe Harbor Election & Rentals: To Use or Not to Use, That is the Question? Notice 2019-07 – released concurrently with the Final Regs, provides notice of a proposed revenue procedure detailing a proposed safe harbor under which an RPE enterprise may be treated as a trade or business solely for purposes of IRC §199A. This is a key issue we are monitoring. Additional direction is expected on this issue and as this develops, this session will explain and provide examples that demonstrate the updated guidance.  We will discuss related issues on deducting losses from Real Estate.

Centralized Partnership Audit Regime: This section will focus on the new series of forms issued concerning the Centralized Partnership Audit Regime. Form 8988 Election for Alternative to Payment of the Imputed Underpayment – IRC Section 6226, Form 8989, Request to Revoke the Election for Alternative to Payment of the Imputed Underpayment, Form 8980 Partnership Request for Modification of Imputed Underpayments Under IRC Section 6225(c) and more.

754 Election: Review the basics of a §754 Election to “step-up” the basis of the assets within a partnership when one of two events occur: distribution of partnership property or transfer of an interest by a partner. Basic class but will discuss how QBI is impacted.

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. Security is all important and one segment of our discussion will center on the issue of protecting your client’s data. We will discuss how to ethically interact with the QBI deduction when you address the issue with your client. And finally, a review of the disciplinary proceedings you could face if your practice comes under scrutiny from the Office of Professional Responsibility.

IRS Procedures: We’ll present information on how to keep your EFIN current, navigating e-services and renewal of IP PTINs. Did you know IRS can “lock” you EFIN in the middle of filing season making you unable to e-file.  It’s important to keep that information current, addresses, key officials, etc. E-services is the electronic way of doing business with the IRS. Get answers sooner, get transcripts when needed. What estimates have been paid? With a filed Power of Attorney, you can use e-services to get the above information and save a call to IRS and save time. Other online applications will also be reviewed as well as some common IRS procedures we all need to know.

Insolvency & Cancellation of Debt: A taxpayer is insolvent when the total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the “insolvency” exclusion. We will review the tax consequences for real estate property that is disposed of through foreclosure, short sale, deed in lieu of foreclosure, and abandonments. We will also delve into which business entity is more, or less, beneficial when it comes to cancellation of debt and insolvency. The segment will include examples and any law updates as the extension of the forgiveness of primary residents’ cancellation of debt (expired in 2017) is still being discuss as a potential retroactive law provision.

Penalty Abatement: We will demonstrate how to navigate a first-time Abatement Program, using Form 843, Rev Procedure 84-35 (Partnership Returns), Written & Oral Advice from the IRS, advice from a tax professional or attorney, ordinary business care, lost or destroyed records, code, regulations, Internal Revenue Manual, and case law to support your reasonable cause position.

Statute of Limitations: A review of the statute of limitations as they apply to federal tax law. If you do not understand your statute limits, a client’s refund could slip through your fingers. Or you could execute an Offer in Compromise for a year where the collection statute expires. With all the new changes a review of this area of the law will be a good refresher for all.

Marijuana & CBD Oil: The US Court of Appeals for the 9th Circuit in Hemp Industries Assn., vs. U.S. Drug Enforcement Admin., maintained the Drug Enforcement Administration’s (DEA) wide-ranging rule creating a separate classification for “Marijuana Extracts.”   Though still illegal in the U.S., Marijuana legalization continues to pick up steam for legalization, due to many states who have adopted laws legalizing the use in various aspects from recreational to medicinal purposes. A review of where we stand taxwise concerning the Marijuana client will be provided.


2019 Year-end Income Tax Update Details

2019 Income Tax Legislation: Let us provide you with an overview of new and proposed legislation, significant cases, IRS rulings and pronouncements. The segment will include recent updates and guidance issued.  As we struggle with the QBI deduction and other aspects of new law, we will sift through the difficulties and provide topics to assist you for the upcoming tax season of 2020.

Updates on 199A changes: We will present you with the new developments regarding 199A changes. Additional guidance is expected to be issued and we will present information to aid you for the upcoming tax season. As a team we will also look at what worked and what § 199 issues caused the most difficulties and try to expand on these issues to further clarify. Of course, we will provide updated examples based on our experience with our clients. We want to address your questions on this important tax issue.

Divorce/Alimony/Child Support:

These three are interrelated and can have a definitive impact on a tax return when filing after the event occurs or during the event. We will offer tips on handling this client, the changes in law as to alimony and the issues for filing jointly or separately.

QBI Update- Excess Business Losses and Carryover of Unused QBI losses 

Noncorporate taxpayers may be subject to excess business loss limitations. The at-risk limits and the passive activity limits are applied before calculating the amount of any excess business loss. An excess business loss is the amount by which the total deductions attributable to all of trades or businesses exceed the total gross income and gains attributable to those trades or businesses plus $250,000 (or $500,000 in the case of a joint return). This could impact Schedule F and Schedule C activities, the activity of being an employee, an activity reported on Form 4835, and other business activities reported on Schedule E.

Then we will turn to cover the aspects of QBI that we will begin to deal with for the 2019 tax year. Your clients generated losses that will impact the QBI in 2019 and we will have to deal with them on 2020 as we prepare their return. We will provide examples and demonstrate how the client will be impacted.

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.

HRAs & Retirement Plans:

Earlier guidance viewed HRAs through a narrower lens that focused on the need for HRAs to integrate with group health coverage to meet rules under the Affordable Care Act. The new rules provide that HRAs may be integrated with individual health coverage while meeting specific requirements.  We’ll provide you with an overall update to prepare you for 2020 with tips on corrections and any changes in law.

Life Insurance Taxation Issues:

As our population gets older, we need to often deal with issues of life insurance. What happens when they surrender a whole life policy, A review of the demutualization issues and the zero basis IRS position. Accelerated death benefits and the tax treatment for terminally ill policies owners, what are the tax consequences, if any and what forms will our clients receive.

Correcting Depreciation:

Ahh…the dreaded Form 3115 and correcting depreciation. Rev. Proc. 2019-08 provides the framework, we’ll give you an example that will simplify the process of making this adjustment.

Meals & Entertainment:

The TCJA made significant changes to meals and entertainment.  Let’s review the guidance issued so we can better serve our client population.

Entity Choices under the TCJA:

Since the TCJA was passed last year, entity choice has become a demanding exercise for new and established companies. Businesses that have long existed as pass-throughs cannot ignore the attraction of the new 21 percent corporate tax rate. Does the entity choice make a difference for the QBI deduction? What if we have consecutive losses? With all the talk of QBI, what if any, are the benefits? What issues about QBI could have a negative impact in the future if a client changes their entity?

* 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 2019 seminars, none of the hours will qualify for CFP ethics credit.


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