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Mid-Year Federal Tax Update: Wednesday, August 19, 2020

Wednesday, August 19, 2020 @ 8:30 am - 4:00 pm

MID-YEAR FEDERAL TAX UPDATE

Steven J. Tillinger, CPA

Wednesday, August 19, 2020 | 8:30 am-4:00 pm

Course ID: 2820853 | 8 CPE Hours

TXCPA CHAPTER COLLABORATION: The CPE portion of this event is sponsored by the TXCPA Austin CPE Foundation, TSBPA Sponsor ID 00265. The other TXCPA chapters are partnering with Austin to benefit all TXCPA members by offering this course virtually. Please contact Lucy Medrano (lmedrano@tscpa.net) if you need assistance with registration.

COURSE DESCRIPTION: Whether you are a generalist or a tax specialist, you will take away valuable information and insights from this eight-hour program. The course will bring you up-to-date on current issues in federal income taxation affecting individuals and small business owners with emphasis on coverage and analysis of 2020 tax legislation, with special emphasis on coronavirus legislation, both final and proposed; updates and new developments of 2019 and earlier tax law, with emphasis on continuing developments with the Tax Cuts and Jobs Act; important court cases; Treasury income tax regulations; IRS revenue rulings and procedures; and more!

FLASH ALERT! Steve says there’s a lot to cover. He vows to tell you what you need to know! Can he do it all in one day?? Sign Up Now!!

YOUR INSTRUCTOR WILL ADDRESS THE HOT TOPICS OF 2020:

• 2020 TAX LAW–CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT–OVERVIEW: You know about the non-tax legislation, i.e., the economic impact payments and the Paycheck Protection Program (PPP) loans, but Congress also enacted significant tax legislation. Some provisions amend the Tax Cuts and Jobs Act retroactively. Did you hear amended tax returns? Come join the conversation. Learn all about it. Steve will provide comprehensive coverage and analysis. Sign Up Now.

• 2020 TAX LAW–CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT–PPP LOANS: You’ve got the loan. What are the tax implications of forgiveness? Have you heard of Notice 2020-32? Now it’s Congress versus the IRS. What’s going on? Sign Up Now and Find Out.

• 2020 TAX LAW–CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT–INDIVIDUAL PROVISIONS: Congress relaxed the charitable contributions rules and expanded what is a medical expense.

• 2020 TAX LAW–CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT–BUSINESS PROVISIONS: Congress made retroactive changes to the net operating loss rules, excess business loss rules, business interest expense rules and qualified improvement property rules. Think amended tax returns. But the AICPA and businesses want more! What’s going on? Steve’s got the details. Sign Up Now and Find Out.

• 2020 TAX LAW–CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT–RETIREMENT PROVISIONS: Congress relaxed the rules for early distributions from retirement plans and expanded how much you can borrow from your plan. We’ve seen this before. Liquidity matters.

• 2020 TAX LAW–CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT–OTHER ISSUES: Has your business thought through the tax implications of telework? What about nonresident aliens stuck in this country because of travel restrictions? What else could there be? Steve’s on top of it. Sign Up Now.

• 2020 TAX LAW–FAMILIES FIRST CORONAVIRUS RESPONSE ACT: Congress passed legislation that includes temporary tax credits for certain employers and self-employed individuals for emergency paid leave.

• 2019 TAX LAW–FURTHER CONSOLIDATED APPROPRIATIONS ACT, 2020: Congress passed legislation to fund the government for the rest of the fiscal year, but also enacted a number of individual and business tax provisions.

• 2019 TAX LAW–SETTING EVERY COMMUNITY UP FOR RETIREMENT ENHANCEMENT (SECURE) ACT: Congress passed tax legislation that overhauls the retirement area for the first time in more than a decade. There are significant changes. Are you Up-To-Date? Sign Up Now.

• FINAL REGULATIONS–TAX CUTS and JOBS ACT–SECTION 199A. Steve will continue his comprehensive coverage, analysis and update of the passthrough deduction included in the most significant revision to the tax laws in more than 30 years. Sign Up and Steve will bring you Up-To-Date.

• FINAL REGULATIONS–TAX CUTS and JOBS ACT–BONUS DEPRECIATION. These final regulations affect not only cost recovery deductions but also affect the section 199A deduction and the section 163(j) interest expense limitation. Be sure to attend and get brought Up-To-Date.

• FINAL REGULATIONS–TAX CUTS and JOBS ACT–ESTATE & GST: These final regulations are taxpayer friendly. No clawback. Steve’s got the details. • PROPOSED REGULATIONS–TAX CUTS and JOBS ACT–SECTION 163(j). Steve will continue his comprehensive coverage, analysis and update of the interest expense limitation included in this major legislation. Learn all about it. Sign Up and Steve will bring you Up-To-Date.

• PROPOSED REGULATIONS–TAX CUTS and JOBS ACT–SECTION 1031. Steve will discuss the IRS guidance on the like-kind exchange rules of this major legislation.

• PROPOSED REGULATIONS–TAX CUTS and JOBS ACT–MEALS & ENTERTAINMENT. Steve will discuss the IRS guidance on the limitation on meals and repeal of entertainment provisions of this major legislation.

• PROPOSED REGULATIONS–TAX CUTS and JOBS ACT–MISCELLANEOUS ITEMIZED DEDUCTIONS: Have you heard? The IRS has issued guidance of particular importance to estates and trusts.

• PROPOSED REGULATIONS–TAX CUTS and JOBS ACT–ACCOUNTING METHODS: Congress has accelerated the reporting of income, but not cost offsets, for certain accrual method taxpayers. Now we have some guidance. Are your clients affected by this new permanent change to the all-events test? Sign-Up and Find Out!

• ACCOUNTING METHODS–TAX CUTS and JOBS ACT: A lot of CPAs were surprised that the small business exception did not apply to some of their clients. Why? Because they were tax shelters! Find out if your client is a tax shelter. You may be surprised! Sign Up Now!

• NEW HOT ISSUE–ACCURACY-RELATED PENALTY: You know it as the 20-percent underpayment penalty. Think uncertainty with section 199A, section 163(j), method of accounting/tax shelter rules. How do you protect your client and yourself? It’s all included in this year’s tax update. Sign Up Now!

• NEW HOT ISSUE: Partnership/LLC negative tax basis capital account reporting. Notice 2020-43. New reporting requirements. It’s mandatory. What’s this all about? Steve will bring you Up-To-Date. Sign Up Now and Find Out.

• NEW HOT ISSUE: S corporation tax basis reporting. The AICPA blessed? What did you say? Tell me it’s not true. It is and was part of 2018 and 2019 tax return reporting. It’s mandatory. Did you miss it? Did you ignore it? You need to Sign Up and Find Out What’s Going On.

• IMPORTANT: Updates and new developments covering 2019 and earlier tax law AND court cases; Treasury income tax regulations; and IRS revenue rulings and procedures.

• NEW DEVELOPMENTS: affecting partnerships and LLCs, and S corporations–as they happen–keeping you up-to-date.

• MORE DEVELOPING HOT ISSUES AND EVEN MORE! Will You Be There?

DESIGNED FOR: Tax practitioners, whether working in public accounting or in private industry, who need the most current up-to-date information on federal income tax changes affecting individuals and small business owners.

OBJECTIVES:

• To update the tax practitioner on recent developments in federal income taxation

• To recognize planning opportunities due to changes in federal income tax law

• To prepare the tax practitioner for discussions with clients on important changes in this area of tax law

• To help the tax practitioner understand their reporting responsibilities

PREREQUISITES: Some basic knowledge of individual and small business taxation, and some tax preparation experience would be helpful.

ADVANCED PREPARATION: No advanced preparation is necessary.

DELIVERY METHOD: Live webcast.

FIELD OF STUDY: Taxation (Technical)

CPE SPONSOR: This course is sponsored by the TXCPA Austin CPE Foundation, Sponsor ID 000265 – A registered sponsor with the Texas State Board of Public Accountancy

Details

Date:
Wednesday, August 19, 2020
Time:
8:30 am - 4:00 pm
Website:
https://www.tscpa.org/events/event-details/?eventId=068565ed-3571-4ae1-a335-c9f6f5bac056

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