Overview

8.0 Credits
ONLINE

In this course, we review current year developments and planning ideas affecting individual, corporate and business income taxation using a combination of humor and examples. We will emphasize all major new tax legislation as well as other significant tax developments that affect 2020 tax return preparation and 2020 tax planning for individuals, corporations, and non-corporate businesses.

Objectives

Review major developments in federal income taxation for individuals, corporations and other businesses having the greatest impact on participants, clients, and companies. The course will emphasize 2020 developments including recent developments including recent developments and planning ideas regarding the Secure Act, the Taxpayer First Act, the Tax Cuts and Jobs Act (TCJA), and any 2020 legislation.

This course includes a 200 + page reference manual with:

  • A checklist of developments first effective in 2020
  • A checklist of expiring and/or recently expired tax provisions
  • Selected new or modified Federal tax forms for 2020
  • Practical planning ideas for businesses and individuals

 

Major Topics

2020 has been a most unusual year! Not only because of COVID-19, but also for the volume of tax changes first effective for 2020. The Consolidated Appropriations Act was signed on December 20, 2019 and contains more than 25 retirement plan changes, then came the Families First Coronavirus Response Act on March 18, 2020 providing employers credits for payments of Sick Leave or Family Leave, and then the CARES Act signed on March 27, 2020 providing Economic Impact Payments to individuals and relief to businesses. Almost all these new law provisions are first effective for 2020. In addition, the IRS has issued important regulations and other guidance during 2020.
The following are just some of the topics Don will review in his upcoming Tax Update:

  • PPP Loan Forgiveness Including IFRs & FAQs
  • Contributing To IRAs After 70 ½
  • Changes To Rules For QCDs From IRAs
  • Waiver Of  2020 RMDs
  • 10-Year Payout Requirements For IRAs And Qualified Plans At Death 
  • Penalty-Free Withdraws From IRA Or Other Retirement Plan For Birth or Adoption Of a Child
  • Coronavirus-Related Distributions From IRAs And Qualified Retirement Plans
  • 100% of AGI Limit For Charitable Contributions
  • 50% Employee Retention Credit
  • Deferral Of Employer Payroll Tax Deposits
  • Sick Leave And Family Leave Credits
  • 5-Year NOL Carrybacks
  • Proposed Regs On Using Cash Method, etc., if Gross Receipts $25/$26 Million or Less Including Definition of “Tax Shelter”
  • §168(k) Deduction For QIP & Final 168(k) Regs
  • Increased Business Interest Expense Deduction Limit And Final §163(j) Regs
  • Deductions On Termination of Estate or Trust
  • Final Qualified Opportunity Fund Regs 
  • Final Meal And Entertainment Deduction Regs


 

Prerequisite

General understanding of individual, corporate and business income taxation.

Advanced Preparation

None

 

Sessions

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Monday, December 7, 2020

General Sessions
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