Overview
With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses and their owners with an emphasis of newly enacted income tax legislation.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Prerequisites
Background in business and individual income tax law
Objectives
- Understand the major Federal income tax laws impacting individuals, C and S corporations, partnerships, LLCs and LLPs
- Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual and business income tax returns
Highlights
- Discuss the most recent individual and business income tax legislation passed to date
- Walk through major tax changes to corporations, partnerships and/or individuals and any changes to the income tax forms and other related schedules
- Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, §461(l) business loss limitations, §163(j) business interest deduction limitations, accounting method changes, depreciation, retirement plans, fringe benefits and entertainment expenses
- Brush up on the individual and business income tax rates (e.g., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)
- Discuss other individual income tax topics and changes to filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income and income tax credits (e.g., child tax credit and dependent care credit)
- Walk through the NEW final required minimum distribution (RMD) regulations
- Review other important IRS audit areas such as basis and at-risk limitations for S shareholders and partners, passive activity losses and real estate professionals and self-employment taxes
