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Tax Advisers Update

  • 01/08/2021
  • 8:30 AM - 4:30 PM
  • Webinar MNCPA

Registration


Register

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 individual and business clients, including all the coronavirus-related bills and tax reform. Explore ways to enhance taxpayer cash flow, learn about the latest IRS guidance and come away with smart tax planning strategies.

Designed for: CPAs and tax advisers in public practice and industry

Objectives:

  • Evaluate which interest expense is subject to limitation
  • Recognize how to correct depreciation for qualified improvement property (QIP)
  • Identify options for small businesses to account for inventories 
  • Explain the benefits and risks of carrying back NOLs
  • Determine allocations of partnership liabilities
  • Identify when a contribution to or distribution from a partnership constitutes a disguised sale
  • Diagnose exposure for constructive dividends from a closely held corporation
  • 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 individual retirement account (IRA)
  • Discern the changes to required minimum distributions (RMDs) due to the SECURE Act and CARES Act
  • Evaluate penalties for failures and how to establish reasonable cause
  • Explain the final rules for preparer tax identification number (PTIN) fees

Major subjects:

  • Final Section 163(j) regulations for the business interest expense limitation
  • New payroll and employee retention credits
  • New meals and entertainment regulations
  • Examples of the new carryback of net operating losses (NOLs) under the Coronavirus Aid, Relief and Economic Security (CARES) Act 
  • Illustrations of partner capital accounts on Schedule K-1
  • Using a C Corporation for hobby or investment activities
  • Latest partnership centralized audit regime guidance
  • New regulations on unrelated business taxable income (UBTI)
  • IRS and case law developments affecting Schedule A items
  • Examples of the latest guidance affecting the calculation of the Section 199A deduction 
  • IRS challenges to charitable contribution deductions
  • Various gross income exclusion opportunities
  • New IRS campaigns to identify examination issues
  • Changes made to investing in opportunity zones in the final regulations
  • Changes with retirement planning brought on by the Setting Every Community Up for Retirement Enhancement (SECURE) Act
  • Self-employment tax updates
Level: Update

Prerequisites: Experience with individual and business clients recommended
Developer: MNCPA
CPE Credits: 8
Area of Study: Taxes - Technical
Instructors: Daniel Greenhagen, JD



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