Tax Advisors Update

Tax Advisors Update

Tax Advisors Update

Presenter

Terri Lillesand, Tax Principal, CLA

Overview

Recent tax developments and legislative changes affect this season’s return filings and influence the planning landscape. Learn how to handle the latest tax legislation affecting your business and individual clients, including all of the coronavirus-related bills and tax reform. Explore ways to enhance taxpayer cash flow, and come away with tax planning strategies for your clients.

Learning Objectives:

  • Evaluate which interest expense is subject to limitation
  • Recognize how to correct depreciation for Qualified Improvement Property
  • Identify options for small businesses to account for inventories
  • Explain the benefits and risks of carrying back NOLs
  • Determine allocations of partnership liabilities
  • Explore the interaction between Economic Impact Payments and the 2020 recovery rebate credit
  • Identify Kiddie Tax refund opportunities
  • Grasp the ordering rules for deducting 2020 charitable contributions after the CARES Act
  • Determine the proper timing for claiming bad-debt and theft-loss deductions
  • Identify alternatives to the stretch IRA
  • Discern the changes to RMDs after the SECURE and CARES acts
  • Evaluate penalties for failures and determine how to establish reasonable cause
  • Explain the final rules for PTIN fees

Major Topics:

  • Final Section 163(j) regulations for the business interest expense limitation
  • The new payroll and employee retention credits
  • The new meals and entertainment regulations
  • The new carryback of NOLs under the CARES Act
  • Partner capital accounts on Schedule K-1
  • Using a C corporation for hobby or investment activities
  • The latest partnership centralized audit regime guidance
  • The new UBTI regulations
  • IRS and case law developments affecting Schedule A items
  • The latest guidance affecting the calculation for the Section 199A deduction
  • IRS challenges to charitable contribution deductions
  • Various gross income exclusion opportunities
  • New IRS campaigns to identify examination issues
  • Modifications made to investing in Opportunity Zones by the final regulations
  • Changes made to retirement planning by the SECURE Act
  • Self-employment tax updates

NOTE: This program is a replay of the December 7, 2020 Tax Advisors Update and is approved for 7.5 CLE credits and qualifies for formal CPE credit.

8.0 CPE Credits

Registration

Registration is open through 11/01.

Member Price

$300

Nonmember Price

$375

Online

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