Virtual Seminar Topics

2020 Fall Topical Income Tax Update (see details below):

  1. 2020 Tax Legislation–New Developments, Including the Stimulus Payment Issues & COVID Legislation
  2. SECURE Act
  3. Retirement Planning: Highlights from the CARES and SECURE Acts
  4. Ethics & the Tax Client
  5. Assignment of Income
  6. 1065 Partnership / Distributions
  7. Basics of Trusts & Estates & Planning Strategies Trusts & Estate Planning

2020 Year-end Income Tax Update (see details below):

  1. 2020 Tax Legislation–New Developments, Review of Cases, Rulings & IRS Pronouncements
  2. QBI, CARES and Secure Act Unique Year End Issues
  3. Meals & Entertainment under the TCJA
  4. IRC 121 and the Primary Residence
  5. Ethics – The Creative Tax Professional
  6. S-Corporation Basis Issues
  7. Centralized Partnership Audit Regime
  8. Preparing for the 2021 Tax Season and the Coronavirus Impact

2020 Fall Topical Income Tax Update Details

2020 Tax Legislation Updates: Including the Stimulus Payment Issues & COVID Legislation: Covid-19 and the Stimulus Payments have dominated much of the tax season that was extended to July 15, 2020. Discussion will settle on specific issues of these two topics and provide answers to your questions. In addition, let us provide you with an overview of IRS rulings and pronouncements IRS has made some procedural changes; we have expiring provisions to make you aware of and other updates that will impact the 2021 filing season. In addition, we will cover some key issues where guidance has been issued concerning prior enacted law and other updates as released.

SECURE Act: The Secure Act was the first legislation in quite a while concerning retirement. The changes made to retirement programs will impact tax planning significantly. The discussion will center on an overview of the changes emphasizing those that are more common to your client base. A must knowledge requirement, as the changes will impact nearly all clients in some way.

Retirement Planning: Highlights from the CARES and SECURE Acts: An in-depth discussion of the key elements of these two acts that effect retirement planning. This class will help you prepare for those year-end tax planning conversations concerning retirement.  Changes in the law could impact your client in different ways, the key is knowledge of what has changed.

Ethics and the Tax Client: What is a frivolous tax return? It’ more than just a “Congressionally Challenged” issue. What is your ethical responsibility when the issue comes up?  Are you able to identify frivolous returns? This exciting new ethics class will help you understand the IRS process and what to look for and avoid.  In addition, current updates on ethical opinions from national and state organizations are included.  Finally, as we get older the issue of selling your practice or part of the practice is an issue we face. A review of the §7216 rules on the proper procedures of “disclosure” when selling your practice.

Assignment of Income: We all assign income through the “nominee” process when necessary, but are we meeting the “requirements” to properly assign the income to another individual or entity. Recent court cases have defined criteria that must be met to correctly assign income. Does the assignment meet those requirements? This could be an audit issue you may face in the future. Definition of the requirements is a must to protect your client.

1065 Partnership /Distributions: It’s a good time to review the Form 1065 and the changes to the Form K-1. New items are for information only as well as new entity identification requirements.  A quick overview of 1065 distributions and the impact on basis.

Basics of Trusts & Estates & Planning Strategies Trusts & Estate Planning: Estate and tax planning go together, or they should. Do you have the internal tools/knowledge to assist an individual who should have or does estate planning? Join us for some tips on estate planning and the pitfalls to avoid, types of trusts and the resulting Form 1041 filing, and Form 1041 return preparation review and delivery to a client.

2020 Year-end Income Tax Update Details

2020 Income Tax Legislation: Let us provide you with an overview of new and proposed legislation, significant cases, IRS rulings and pronouncements. Though it is an election year, Congress and the President will be looking at TCJA 2.0 and whether those provisions that expire at the end of 2019 will be renewed and whether the TCJA will be made permanent.  In addition, a review of new guidance issued and a forms review of changes that we face in the 2020 tax forms.

QBI, CARES and Secure Act Unique Year End Issues: We will present you with the new developments regarding §199A changes. We now have two seasons under our belt and QBI is still a struggle for some. The class will review QBI and the changes to the Form 1099 PATR for 2020. The Secure Act has many issues that will impact year-end planning, we will take a look at those and other issues that may impact your client at year end. Finally, CARES brought many challenges in 2020 and will continue to be an issue during the 2021 tax season. A review of some the more obscure issues will be included.

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

IRC 121 and the Primary Residence: The Internal Revenue Code has fortified home ownership through provisions allowing deductions for mortgage interest, mortgage insurance premium, real estate taxes and the IRC Section 121 exclusion. This session will explore the tax consequences of qualified use, non-qualified use, conversion of primary residence to rental property, home office use, and other scenarios that have tax implications.

Ethics – The Creative Tax Professional: With our discussion in the fall on the frivolous tax return, we will take an additional leap into where law begins and creatively can get you in trouble. This segment is directly related to your professional responsibilities and includes examples where you decide whether a line has been crossed, are we on the line or the ethics/decision allows you to sleep at night.  Be prepared to discuss some the issues we will raise and the pros and cons. We hope for a lively discussion from our audience as we take a look at the fine line between leaping at first glance and contemplation before you leap. In addition, current updates on ethical opinions from national and state organizations are included.

S-Corporation Basis Issues: As we struggle with new law to provide basis information if a loss is incurred, we will review the basic of S Corporation basis issues as well as an overview of the changes to the 1120-S K-1.

Centralized Partnership Audit Regime: This section will focus on the new series of forms issued concerning the Centralized Partnership Audit Regime. One of the key issues on IRS’s project list is full implementation of the new partnership audit regime.

  • Understanding the “election out” process.
  • New forms and any new guidance will be shared.

Preparing for the 2021 Tax Season and the Coronavirus Impact: The 2021 tax season could be one of most challenging season tax professionals will face. This class is a catch all, we will discuss issues that have not been discussed in other sessions and update you on new guidance. Introduce you to new forms and changes. The point is to prepare you for tax season and provide you with the tools you need to assist your client and navigate the 2021 tax season.

 

* 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 Iowa, Ohio, Nebraska, and Illinois, 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 2020 seminars, none of the hours will qualify for CFP ethics credit.

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