Federal Tax Updates

What You'll Learn in Our Federal Tax Update

Individual Tax highlights

• What are the 50 most important individual Tax Cuts and Jobs Act 2018 changes?
• Learn over 50 new individual tax planning ideas after tax reform!
• Will each of your clients pay more, or less, taxes after tax reform?
• Know how kiddie tax increases equal 10 times more tax in 2018. And most trust administrators have no idea!
• Does your client know how the increase in standard deduction will impact their tax return?
• When will the loss of personal exemptions increase your client’s taxes?
• Will the family tax credit make up for the loss of the personal exemptions?
• Will the limit on the SALT deduction mean fewer of your clients will itemize?
• When will the changes to the mortgage interest deduction hurt homeowners?
• What happens when homeowners refinance acquisition debt after Dec. 15, 2017?
• What do homeowners do after the repeal of the home equity debt?
• When is it still possible to deduct interest on borrowing from one’s home equity?
• How will your clients avoid the loss of his or her unreimbursed employee business expenses (Form 2106)? Help your client prepare an action plan!
• Who else loses with the loss of the 2% miscellaneous itemized deductions?
• When will AMT affect your clients?
• How does the change to tax-free exchanges affect your clients? Cost seg. studies are more important now! Learn why.
• Are investors hurt by tax reform? Not with proper planning!
• Are retirees hurt by tax reform? Probably.
• Are real estate rentals helped by tax reform? Some are!
• What do your divorcing clients, and divorce attorneys, do now that alimony isn’t deductible or taxable for 2019?
• Learn the latest updates on ACA and “Repeal and Replace” developments!
• How will the 20% capital gains tax +3.8% NII tax issues impact your clients?
• What are the latest charity audit issues?
• What are the credit rule changes?
• Is FBAR and FATCA reporting still important? You bet!
• What are the latest tax issues for online rentals?
• How does the IRS clarification on who is and isn’t a real estate professional impact your clients?
• What are the latest estate and gift thresholds? Is estate planning still necessary? 

Business Tax HIGHLIGHTS 

• What are the 50 most important business Tax Cuts and Jobs Act 2018 changes?
• Learn over 50 new business tax planning ideas after tax reform!
• Find answers to your client’s questions on the new 20% Qualified Business Income deduction.
• Do you know who benefits, and who doesn’t benefit, from the 20% QBI deduction?
• Understand how the three QBI deduction limitations work!
• What is the best entity for your client to choose after the 20% QBI deduction?
• Is the sole proprietorship the right choice for some clients?
• Is an LLC better than an S corporation?
• When is the S corporation the right choice when the QBI deduction is considered?
• Will converting to a closely-held C corporation reduce taxes? Most likely not!
• How does the §179 expensing deduction and 100% bonus depreciation change business purchases! Which is better?
• When does a new roof qualify for expensing?
• Our clients must separate entertainment expenses from business meals now! Why?
• How did luxury car depreciation limits change. Great news for many!
• How has the NOL deduction been limited?
• Can business losses be too big to use? Tragically, yes!
• Does the new family leave credit benefit individuals? Businesses? Yes, to both.
• Did accounting methods change for my clients?
• Learn the latest ACA “Repeal and Replace” developments and how these proposals impact large and small businesses.
• Know the impact of marijuana taxation as states legalize its sale.
• Identity scams hitting employers.
• How will the IRS budget allocations to new law implementation affect your clients and you?
• What are the top 10 most litigated tax issues? Is your client a target?
• Know the impact of employee misclassification.
• What is corporate reasonable compensation and what is new?
• What are the tax issues for the “sharing economy”?