With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a two-day update course focusing on business and individual income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current federal business and individual income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to get up to speed quickly and have a successful federal business income tax filing season.
This session is a comprehensive review of the Federal business and individual 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 and individual 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 and individual 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
- Review the individual income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the 20% qualified business income (QBI) deduction; changes to the income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, NOLs, business loss limitations, interest deduction, accounting method changes and income exclusions
- Look at any changes to the Form 1040 and other related schedules and forms
- Cover issues related to the various taxes (i.e. income, capital gain, self-employment and alternative minimum tax (AMT))
- Review changes to depreciation, itemized deductions, adjustments to income, passive activities and tax credits
Background in business and individual income tax law
Tax accountants in public or private practice in need of power-packed two-day Federal business and individual income tax update course. This is a great course to gear up for tax season.
When you complete this course you will be able to:
- 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
- Understand the major Federal income tax laws impacting individuals
- Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual income tax returns
- Parking and lunch are provided on-site.
- This event is paperless.
- All materials will be available to download in advance and participants will receive an email two days prior to the course date. Materials will also be posted in the "My CPE" section of the NESCPA website.
- Patrick Garverick
Non-Member Price $575.00
Member Price $525.00