Mid-Year Income Tax Update Business & Individual Clients [MYTU]

Jun 26, 2019
Time: 8:30am - 4:00pm



Credit Hours:



Member: $295.00
Non-member: $445.00

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Discussion Leader: John J. Connors, JD, CPA, LLM

Website registration for this course closes on June 25, 2019. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Mid-Year Income Tax Update Business & Individual Clients (MYTU)

June 26, 2019

Fireweed Conference Center
725 E. Fireweed Lane
Anchorage, AK

For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

Combining the real-life experience of working with numerous CPA firms and tax professionals around the country, as well as comprehensive easy-to-read materials containing pertinent examples and illustrations, this powerful course essentially becomes a must for those practitioners needing a forum to review client issues that arose during this busy season which will certainly go down as one of the most difficult and confusing to-date, causing many returns to be extended. Also, critical tax issues and mid-year planning strategies for 2019 will be thoroughly covered, along with the most important tax developments, cases, IRS rulings and regulations over the last 6 months that we maybe only had a chance to glanced at, given the bombardment of information and issues on the Tax Cuts and Jobs Act.

Major Topics:
- Interaction of possible Sec. 1256 tax shelter classification and TCJA small business accounting changes/elections
- When should Form 3115 be filed to effectuate small business accounting changes
- Continued evaluation of choice-of-entity issues and how best to operate under TCJA
- Client opportunities beckon with new TCJA Opportunity Zones
- Special coverage of centralized partnership audit rules and what they mean for our clients going forward
- Review of new partner/S corp owner basis requirement statement on Schedule E
- New safe harbor for vehicles subject to Sec. 280F luxury car caps
- Impact of SALT cap on deducting allocable taxes on Form 8960 for 3.8% Medicare surtax
- Interaction of SALT cap and tax benefit rule for 2019 state/local income tax refunds
- Sec. 119 free meals for employees and convenience of employer requirement
- Statutory employees and benefits of TCJA changes
- Did QIP finally make it into MACRS 15-year classification eligible for bonus depreciation?
- Coverage of the latest IRS guidance and issues on Sec. 199A deduction:
- New Form 8895 for 2019 QBI and Sec. 199A deduction
- Two separate and distinct categories of income eligible for Sec. 199A deduction
- Special issues with calculating wage limitation test - Impact of accrued but unpaid bonuses and tips
- Is strict definition of wages resulting in more S corp elections? How about reasonable comp?
- Treatment of net overall losses on either side of the T-account
- Net capital gains broadly defined
- Special safe harbor for treating rental activities as trades or businesses v. facts and circumstances test
- Self-rentals to commonly-controlled businesses - Are aggregation elections still needed for these de facto businesses?
- What should taxpayers be doing for blended businesses especially where deminimis non-SSTB gross receipts rule dropped in final regs?
- NOLs limited by Sec. 163(j) reduce QBI in future years
- Impact of pre-2018 suspended losses & deductions on QBI - recordkeeping going forward in 2019
- Continual clarifications re: SSTBs and Sec. 199A deduction
- Crack and Pack continues to be shot down in the final regs
- Using Sec. 754 step-up elections to increase UBIA - When are they available?
- When an asset's basis is fully depreciated in the year of acquisition - Impact on UBIA calculation
- UBIA and older fully-depreciated assets, as well as effect of tax-deferred exchanges on UBIA

Learning Objectives:
- Comprehensive coverage of 2019 critical tax developments to-date
- Critical mid-year client planning steps and strategies for 2019
- Implementation and understanding of the Sec. 199A 20% deduction
- Opportunity to discuss client tax issues arising during busy season

Designed For: All tax practitioners wanting to keep up-to-date on latest tax developments & tax planning strategies

CPE Credits: 8, Taxation

Level of Knowledge: Intermediate

Prerequisite: Knowledge of tax issues relating to both business and individual clients

Acronym: MYTU

Discussion Leader: John J. Connors, JD, CPA, LLM