Tax Advisors Update (VIRTUAL SEMINAR)More Courses
TAU-WEB | Virtual Live | Update | Scheduled
Please note: This seminar will only be available via live webcast.
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.
Experience with individual and business clients recommended.
CPAs and other business professionals
- 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
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Apply the CARES Act tax provisions and implement related opportunities
The CARES Act was the largest stimulus package in history and included several tax provisions. We’ll discuss key aspects of the new law, including NOL carrybacks, bonus depreciation for QIP, suspension of the excess business loss limitation, enhanced charitable deductions, and timing of the deduction disallowance for costs related to PPP loan forgiveness, among others, and highlight strategies and amended return opportunities.
Understand the latest Opportunity Zone guidance
Final Opportunity Zone regulations allow deferral of gross Sec. 1231 gains and modify the start date of the 180-day period for gains from pass-through entities, among other changes. Learn about what these changes mean for your clients.
Implement strategies to increase the business interest deduction
The IRS recently issued significant guidance related to the Sec. 163(j) business interest limitation that provides an opportunity to retroactively make or revoke an election out, narrows the scope of the definition of interest, excludes certain self-charged interest from the limit, and clarifies the small business exception, among other significant changes. A discussion of the provision along with numerous examples will assist you in planning for maximizing your clients’ deductions.
Explain key partnership updates
We’ll demystify the administrative adjustment request process and share key insights on other developments in the partnership area, including Schedule K-1 reporting requirements and new regulations on the carried interest rules, liability allocations, and disguised sales.
Identify other tax developments and useful tips
The IRS and courts have been at work in the tax arena dealing with issues unrelated to the pandemic. Learn about developments related to Sec. 199A, hobby losses, charitable contributions, IRS compliance matters, and several other critical areas.
Christopher W. Hesse, CPA, a tax partner in Minneapolis, has more than 30 years of tax experience in public accounting with regional and national CPA firms, and more than 25 years of speaking and training experience before tax professionals on a variety of update topics. His career has included tax leadership of a 200-person practice, and extensive tax writing and analysis services. He is an author and instructor of Tax Advisors Update and Farm Taxation Update. Hesse has spoken at numerous seminars and conferences throughout the country on taxation, agricultural and estate tax topics, and is a past chair of the AICPA Ag Conference committee. He has testified before legislative committees on tax policy matters and has been instrumental in federal and state tax law changes, including an Alternative Minimum Tax provision affecting agricultural producers. Hesse also served as chairman of the AICPA S Corporation Technical Resource Panel and currently serves on the AICPA Tax Executive Committee.
Daniel Greenhagen, JD, has a law degree from the University of Wisconsin Law School, and earned an LL.M. in Taxation at Georgetown University Law Center. He has over 10 years of experience with national firms. Dan was previously a member of the national tax research credit services group of a Big Four accounting firm in Washington DC. He currently practices in diverse federal income tax areas, but specializes in property transactions such as cost segregation, depreciation and the repair regulations. He regularly conducts training courses on corporate taxation and new tax developments and is a frequent speaker on the repair regulations.