Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax materials in a high-tech format, this powerful presentation will enable participants to quickly grasp recent tax changes. You'll receive the most complete and up-to-date reference manual, written by renowned tax experts, Vern Hoven and Sharon Kreider. The digital PDF manual is hyperlinked to the Internal Revenue Code and other primary authorities, making it extremely convenient. Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable.
Upon successful completion of this course, participants will be able to:
- Cite the timing of key provisions of TCJA for implementation and expiration.
- Identify key provisions of TCJA including implications of underpayments, form changes, standard and itemized deduction changes, tax credits, and other aspects of the 1040.
- Cite updates and modifications since the release of TCJA and the impacts on taxpayers.
- Cite the key requirements and thresholds related to foreign financial asset reporting.
- Cite changes in tax law impacting IRAs and other retirement plans.
- Cite various thresholds and limitations provided for in the tax code.
- Identify aspects of tax law rules and requirements for various types of employer plans.
- Cite the criteria for meeting the rental activity safe harbor for purposes of the QBI deduction under §199A.
- Cite the rules and requirements under the like-kind exchange rules.
- Identify rules and regulations related to rental activities and the taxability or excludable of the related income.
- Cite the rules and regulations related to passive losses and the impact on taxpayers.
- Identify and appropriately apply the rules and regulations related to real estate professionals.
- Cite the differentiating factors for a dealer versus an investor and identify the tax impacts for each.
- Cite other relevant rules and regulations related to real estate transactions.
- Cite the rules and regulations related to the federal estate tax, and the filing of estate tax returns, including the exclusion amounts and other relevant thresholds related to filing requirements.
- Identify the requirements for executors and beneficiaries regarding inherited assets, filing requirements, timing, and penalties for failure to act in accordance with the Code.
- Identify elements of Form 706, use, timing of filing, and other relevant requirements for taxpayers.
- Cite the rules and regulations related to gift taxes and the transfer of property within the donor's lifetime and identify strategies to reduce the impact of gift taxes on taxpayers.
- Identify the rules and regulations related to trusts and estates and their impact on resulting tax returns of those entities.
- Cite requirements for successful use of family limited partnerships (FLPs) and family limited liability companies (FLLCs) and indicate the strategies for using each.
- Cite the rules and regulations related to defining qualified businesses, specified service trade or business, and qualified business income and determine the taxpayers and business types which qualify for the QBI deduction.
- Identify elements that have changed for 2019 as compared to 2018 for QBI and related items.
- Apply the formula accurately to calculate a taxpayer's QBI deduction including determination of the phase-in of the wage and asset-based limitations.
- Cite the rules and regulations around the impact of multiples businesses for a taxpayer.
- Cite the rules and regulations for relevant pass-through entities and identify their reporting requirements.
- Identify various thresholds and limitations in effect for 2019 related to the application of tax rules for businesses.
- Cite the general rules and regulations for preparation of business returns.
- Identify changes and updates as a result of TCJA and the resulting guidance.
- Cite the rules and regulations related to the reporting of large cash transactions.
- Cite the rules and regulations related to the Affordable Care Act (ACA).
- Cite the rules and regulations related to paying employment taxes for children working in the parents' business.
- Cite the rules and regulations related to new provisions in the tax code for 2019 including changes in the EIN process, factors impacting the employer FMLA credit, penalties related to information returns, and W-2 filing changes.
- Cite various thresholds and limitations relating to payroll taxes and other employee benefits.
- Identify rules and regulation impacting domestic workers and statutory employees, the requirements of their employers, details of the Voluntary Classification Settlement Program (VCSP), and requirements for self-employment taxes.
- Identify new rules and regulations resulting from TCJA related to partnerships.
- Cite rules and regulations related to partnership taxation and audits by the IRS.
- Cite rules and regulations related to LLC and S Corporation taxation and audits by the IRS.
- Identify new provisions in the tax code and the resulting impact on taxpayers.
- Cite the rules and regulations related to S corporation elections and the application of the rules subsequent to the election.
- Identify elements of the basis calculation for S Corporation shareholders and cite sections of the Worksheet for Figuring the Shareholder's Stock and Debt Basis.
- Cite relevant details of The 21st Century Cures Act and elements of a qualified small employer health reimbursement arrangement.
- Identify the impact of TCJA on various provisions of the tax code.
- Cite the rules and regulations related to the QBI deduction as it relates to various entity types.
- Cite the rules and regulations related to tax preparers and the penalties for misdeeds related to improper preparation of corporate returns.
- Identify issues and considerations in C Corporation operations and return preparation.
- Cite the rules and regulations related to small business stock and the potential exclusions and gain taxation.
- Identify issues and considerations with respect to tax-exempt entities.
- Identify requirements, assessments, and penalties for paid preparers.
- Cite the rules related to passport revocation for delinquent taxpayers.
- Identify elements of various IRS programs and the impact on taxpayers and preparers.
- Identify issues related to taxpayer identity theft, scams targeting tax preparers, and cite requirements for dealing with resulting issues.
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