Federal Tax Update: Individual and Business

Overview

Highlights

• Recent individual and business income tax legislation that has been passed to date.
• Major tax changes to corporations, partnerships and/or individuals and any changes to the income tax forms and other related schedules.
• Business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, 461(l) business loss limitations, accounting method changes, depreciation, retirement plans, fringe benefits and entertainment expenses.
• Individual and business income tax rates (e.g., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax).
• Other individual income tax topics and changes to filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income and income tax credits (e.g., child tax credit and dependent care credit)
• NEW final required minimum distribution (RMD) regulations.
• Other important IRS audit areas such as basis and at-risk limitations for S shareholders and partners, passive activity losses and real estate professionals and self-employment taxes.

Prerequisites

Background in individual and business income tax law.

Designed For

CPAs and other business professionals.

Objectives

• Understand the major federal income tax laws impacting individuals, C and S corporations, partnerships, LLCs and LLPs.
• Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual and business income tax returns.

Preparation

None

Notice

Login information and eMaterials will be available in the “My CPE” section of the NESCPA website two business days prior to the seminar. Once eMaterials are downloaded, no cancellation/transfer/refund is available.