2020 Federal Tax Update (Full-Day Webinar) (Completed)

More than ever, this year promises to be one with lots of questions from your clients. How will the CARES Act, PPP program, and the latest cases and administrative guidance affect the upcoming tax preparation season?

You’ll be guided through the maze with this eight-hour CPE course taught by Greg White. This course will get you up to speed on the latest developments related to individuals, S corporations, and partnerships for 2020. This fast-paced program will highlight legal and regulatory developments as well as give you a head start on those 2020 returns.

Partial credit will not be awarded for attendees that are not present for the entirety of the webinar.

Who Should Attend
Designed for tax professionals involved in federal tax planning or tax return preparation.

Topics Covered

• Individuals
• CARES Act impact: Including changes to depreciation, net operating losses, charitable contributions, and IRA distributions
• Reporting debt forgiveness under the PPP program. Is it taxable? Are the expenses related to forgiveness deductible? What does the IRS have to say on this topic?
• Is the IRS getting into the tax preparation business?
• Have the IRS audit rates increased or decreased?
• New IRS forms — Including Form 1099-MISC and draft Form 1040 — what's new
• Forgiveness under the PPP program
• Lastly, we'll keep you "up to the minute" on late-breaking tax developments
• Businesses
• CARES Act impact: Including changes to qualified improvement property, the retention credit, and business interest deductibility
• Brand new "reliance" proposed regulations on business meals and entertainment deductions
• New "reliance" proposed regulations for "small business taxpayers" including changes to the cash method and discontinuing keeping inventory
• New final regulations under §199A (QBID)
• Final regulations on deductibility of business interest expense
• Tax basis capital accounts: How to compute them, and what to do when you lack sufficient information
• Advice for your clients who are deferring the employees' portion of Social Security tax

Learning Objectives

• Recognize how to compute disallowed expenses related to PPP loan forgiveness
• Recognize how to compute the taxable portion of IRA distributions and the taxable year to report under the CARES Act
• Describe the new forms issued by the IRS
• Identity tax-savings opportunities for your clients
• Identify changes in IRS audit rates for individuals, partnerships and S corporations
• Compute depreciation under the CARES Act for "qualified improvement property."
• Compute K-1 tax basis capital accounts (as required by the IRS)
• Identity tax-savings opportunities for your clients

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None