This chapter covers business tax legislation that was enacted by the Tax Cuts and Jobs Act (TCJA). It is organized by code section to help participants quickly find topics of interest and includes:

  • A summary of each provision
  •  Cross-references to other chapters to help participants find further information
  •  Effective dates to help participants keep track of when provisions begin and when they expire

This chapter covers individual tax legislation that was enacted by the TCJA. It is organized by code section to help participants quickly find topics of interest and includes:

  • A summary of each provision
  • Cross-references to other chapters to help participants find further information
  • Effective dates to help participants keep track of when provisions begin and when they expire

This chapter summarizes selected rulings and cases that were issued from September 2017 through August 2018 to give participants an update on issues that are being addressed by the IRS and the courts. The rulings and cases are organized under topic headings that match the titles of other chapters. 

This chapter discusses current issues in choice of entity and new laws and procedures for tax exempt-entities. Topics include how the TCJA impacts the choice of a business entity, the new exemption application for 501(c)(4) organizations, new rules that allow a 501(c)(3) organization to change its form or place of organization without a new exemption application, and other new developments for tax-exempt entities.

This chapter discusses some of the issues that tax practitioners encounter when they prepare returns for clients who have rental property or operate a business. Topics include:

  • Comprehensive examples that illustrate how to maximize the QBI     deduction for a business
  • Employee fringe benefits
  • Calculating the QBI deduction for a real estate investor
  • Flow-through of the QBI deduction to partners and S corporation     shareholders
  • New rules that impact micro-breweries, wineries, and distilleries
  • This chapter discusses important issues that help practitioners comply    with their ethical obligations. Topics include:
  • Due diligence for FBAR reporting, marijuana clients, and claiming    refundable credits or head of household status
  • Practice continuation for the sole practitioner (including a sample    practice continuation agreement)
  • Best practices for providing tax advice by email
  • Ten case studies that illustrate real-life ethical scenarios

This chapter covers several issues tax practitioners encounter when preparing individual income tax returns, including:

  • The child tax credit and the new tax credit for dependents
  • Tax issues for divorcing spouses, including planning for repeal of the    alimony deduction
  • Choice of filing status, and TCJA provisions that may impact how to file
  • Schedule A vs. the standard deduction, including ways to take     advantage of charitable and other deductions for the taxpayer who     claims the newly increased standard deduction

This chapter covers issues the IRS targets as key issues for practitioners. Topics include:

  • Data security, tax scams, and identity theft
  • Passport revocations or denials for delinquent taxpayers
  • The current-status of the IRS, including a review of the challenges the     IRS is facing in trying to implement the new legislation

This chapter reviews payroll withholding requirements from the employer’s perspective and discusses estimated tax payments from the employee’s perspective. It includes information on the new wage withholding rules and updated IRS tools to help ensure the correct amount of withholding and estimated tax. 

This chapter covers common retirement tax planning and savings issues including:

  • IRA rollovers, conversions, and recharacterizations
  • Hardship distributions and plan loans
  • New and existing rules for ABLE accounts and Section 529 accounts

This chapter contains important tax practices and procedures, including: 

  • When a partnership can and should opt out of the new partnership audit    rules
  • IRS liens and levies
  • Collection alternatives such as installment plans and currently not     collectible status
  • When the taxpayer owes the IRS interest and when the IRS owes the     taxpayer interest
  • Requesting technical advice from the IRS

 

Taught by  Robert W. Jamison, CPA

Full day program

250 page outline, with numerous examples and flowcharts.

Citations to substantial authority for all text and examples.

This one-day course is up to date with all significant legislative, administrative and judicial developments up to the date of presentation. It includes comparison of entities for the closely-held business, the Section 199A deduction, including rules adopted by the 2019 Final Regulations. The troublesome Section 163(j) business interest limitation and the drastic loss limitation rules.

Topics include:

The Business Interest Limitation, Which May Affect Partnerships, S Corporations and Their Owners, Including Those with Low to Moderate Income.

 The Excess Business Loss Limit May not be as Drastic as Some Commentators Had Believed.

The Interplay of Bonus Depreciation, the Section 199A Deduction, the Business Interest Limitation, the Excess Business Loss Limit and the New Net Operating Loss Deduction Rules, in Connection with the Existing Basis, at-Risk and Passive Activity Loss Limits.

 Section 199A Qualified Business Income:

        Ø  New Aggregation Rules for Owners of Multiple             Businesses.

        Ø  New Rules for Rent to Controlled Business

        Ø  New Effects of a Partnership’s Section 754 Election on             the Deduction.

        Ø  Effects of Self-Employment Tax Deduction and             Self- Employed Health Insurance Deduction on             Partners’  and Proprietors’ Deduction.

        Ø  Potential Double Trap on S Corporation Shareholder’s             Self-Employed Health Insurance Deduction

Section 163(J) Business Interest Limitation Has a Broad Reach.

        Ø  Partners and S Corporation Shareholders Have                        Increased Exposure

        Ø  Special Allocations of Items of Partnership Income and             Deductions.

        Ø  Tax Shelter Rules May Cause a Circularity Problem.

        Ø  Special Adjustments for Sales of Property.

        Ø  Rigid Election Requirements for Farms and Real Estate         Businesses.

 Change to Cash Method Simplified for Certain Taxpayers, subject to Some Unanticipated Barriers to Claiming the Cash Method.

Taught by  Robert W. Jamison, CPA

350 page outline, with numerous examples and flowcharts.

Citations to substantial authority for all text and examples.

This two-day course is up to date with all significant legislative, administrative and judicial developments up to the date of presentation. It includes S corporation eligibility and election requirements, basis and other loss limits, taxable and net investment income, distributions compensation, corporate level taxes, terminations and sales of the business. It also includes state-specific rules regarding entities and taxes.

Topics include:

  S Corporation and Shareholder Eligibility Rules

  S Corporation and Shareholder Election Procedures

 Shareholder Basis Rules

  Corporation and Shareholder Income Rules

 Distributions from S Corporation to Shareholders

    Ø  Cash

    Ø  Property

    Ø  Constructive

Shareholder Compensation Rules

Loss Limitations, Including

    Ø  Stock Basis,

    Ø  Debt Basis

    Ø  Amount at Risk

    Ø  Passive Activity Loss Limits

    Ø  Excess Business Loss Limit

NII Tax

Qualified Subchapter S Subsidiaries

Built-in Gains Tax

Passive Investment Income Problems

S Corporation Terminations and Liquidations and Entity Conversions

Qualified Business Income, as It Applies to S Corporations and Shareholders

Other Recent Federal and State Developments, as Necessary