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Overview

8.0 Credits
ONLINE

Review the current Federal business income tax laws, and review updates of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. Get up-to-speed quickly for a successful Federal business income tax season.

Objectives

  • Understand the major Federal income tax laws impacting C & S corporations, partnerships, LLCs, LLPs and their owners 
  • Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting business income tax returns

Major Topics

This session is a comprehensive review of the Federal business income tax provisions and tax forms/schedules that will affect the 2020 tax returns and 2021 tax projections with an emphasis on newly enacted tax legislation, court cases, and IRS guidance.  Each participant will receive a comprehensive business income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, as well as Pat Garverick’s Quick Reference Chart.  Topics include but are not limited to:  

  • Detailed coverage of the business income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the new lower corporate income tax rates and AMT repeal; 20% qualified business income (QBI) deduction; changes to NOLs, business loss limitations, interest deduction, accounting method changes, fringe benefits and entertainment expenses 
  • Overview of the new partnership regulations on allocating recourse/non-recourse debt, disguised sales and new centralized partnership audit regime
  • Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms
  • Recent changes to depreciation and §179 expense
  • Issues related to compensation, distributions, liquidations, self-employment taxes and retirement plans

Prerequisite

None

Advanced Preparation

None

Sessions

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Tuesday, November 3, 2020

General Sessions