Overview

8.0 Credits
IN-PERSON

With the increasing complexity and ever-changing nature of tax laws and issues, today's accountant needs a one-day update course focusing on individual income tax issues. Review the current Federal individual income tax laws and new tax forms, changes to existing tax forms, and tax planning opportunities and pitfalls.

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 2021 tax returns and 2022 tax projections with an emphasis on newly enacted income 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: 
   
  • Discuss the most recent business income tax legislation passed to date (e.g., SECURE Act, CARES Act and COVID-related Tax Relief Act of 2020 and Taxpayer Certainty & Disaster Relief Act of 2020)
  • Review 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
  • 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 plan

Prerequisite

Background in business and individual income tax law

Sessions

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Tuesday, December 6, 2022

General Sessions
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