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

Full Description

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

June 26, 2019

Fireweed Conference Center
725 E. Fireweed Lane
Anchorage, AK

LATE REGISTRATION POLICY
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