Overview

8.0 Credits
IN-PERSON

Review current year developments, recurring problems, and planning ideas. Using a combination of humor and examples, we will focus on tax developments that affect 2017 income tax return preparation and 2017 income tax planning for businesses. As time permits, we will also review the major areas of income taxation of businesses to fine tune practitioners for “Tax Season.”

Objectives

To prepare for “Tax Season” and to review and update corporate and other business tax planning ideas. To review existing rules and to learn new law changes. The course includes a 600+ page reference Manual with each Chapter containing basic rules, selected items of interest, 2017 developments, planning ideas, and listings of related IRS Forms and Publications. The Manual will also have segments devoted entirely to 2017 legislation.

Major Topics

Will major Federal tax legislation be enacted in 2017?  If so, will there be a retroactive reduction in tax rates? Will the estate tax be repealed? Will the taxes and penalties under the Affordable Care Act be modified or repealed? These are just a few of the questions Don Farmer will address during his 2017 Federal Tax Update presentations in Georgia. Don will bring you up to date on the latest developments in Federal income taxation including planning in light of these developments. The following are just examples of the many tax developments included in Don’s presentations:
 

  • New Legislation – A review of new and important proposed legislation affecting individuals and businesses with an emphasis on effective dates and tax planning. 
  • Affordable Care Act Developments – Status of the $100 per day penalty for reimbursing employees' individual medical insurance policy premiums including the exception for Qualified Small Employer Reimbursement Arrangements.
  • Recent Regulations, Rulings, Cases, Etc., – Just a few examples of the items covered include: Effects of President’s “Regulatory Review” on the debt/equity regulations and regulations restricting estate and gift tax valuation discounts; New regulations: Defining “dependent” and outlining rules for divorced or separated parents, Outlining partnership audit rules, Allocating partnership liabilities; Court decisions: Allowing reverse like-kind exchange, Explaining when cost of MBA deductible, Defining deductible alimony, Explaining when debt creates basis in S corporation, Concluding commissions taxed to S Corp shareholder (not to S Corp) and subject to S/E tax where contract with shareholder, Holding LLC members subject to S/E tax, Disallowing deduction for accrued wages to employees participating in ESOP, Explaining “responsible person” trust fund penalty, Disallowing earned income credit because income overstated; IRS releases: Concluding one-rollover-per-year rule for IRAs applies to surviving spouses, Clarifying expanded section 179 deduction and 168(k) depreciation deduction, Providing audit guide concerning cost segregation studies, Requiring disclosure of syndicated conservation easement investments, Providing automatic extension of time to make portability election, Providing new listing of automatic accounting method changes, Explaining when accumulated earnings tax applies.

The course material also includes:

  • A checklist of developments first effective in 2017
  • A checklist of effective dates of significant tax changes contained in 2017 legislation
  • A checklist of retroactive developments that may warrant amended returns
  • A checklist of tax provisions expiring after 2017
  • A detailed planning section for businesses and individuals, emphasizing planning with 2017 developments
  • Selected new or modified Federal tax forms for 2017

Prerequisite

 

Sessions

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Friday, December 15, 2017

General Sessions

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