Tax Advisors Update Webcast [TAU]

Full Description

Tax Advisors Update Webcast (TAU)

December 15th, 2020

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.

There is no substitute for the unique perspective of a CPA active in public accounting. Thats why CLA has developed a strategy-packed eight-hour tax seminar, created by practitioners for practitioners.

Our author team includes the top tax professionals from across the firm, bringing practical insights to the latest developments affecting individuals and small businesses. Our instructors are all active tax practitioners and seasoned speakers who have a passion for teaching and sharing their knowledge.

Major Topics:
- Walk key tax provisions of the CARES Act, such as NOL carrybacks and timing of the disallowance for costs related to PPP loan forgiveness, and discuss related planning and amended return opportunities.
- Explore modifications made to investing in Opportunity Zones in the final regulations.
- Discover strategies to increase the business interest deduction following issuance of final regulations.
- Learn about the latest partnership updates, including insights on the new partnership audit rules, the carried interest rules, and K-1 reporting.
- Receive a thorough reference manual full of examples, practice aids and tax tables to refer to during busy season.

Learning Objectives:
-Apply the CARES Act tax provisions and implement related opportunities
The CARES Act was the largest stimulus package in history and included several tax provisions. Well discuss key aspects of the new law, including NOL carrybacks, bonus depreciation for QIP, suspension of the excess business loss limitation, enhanced charitable deductions, and timing of the deduction disallowance for costs related to PPP loan forgiveness, among others, and highlight strategies and amended return opportunities.

-Understand the latest Opportunity Zone guidance
Final Opportunity Zone regulations allow deferral of gross Sec. 1231 gains and modify the start date of the 180-day period for gains from pass-through entities, among other changes. Learn about what these changes mean for your clients.

-Implement strategies to increase the business interest deduction
The IRS recently issued significant guidance related to the Sec. 163(j) business interest limitation that provides an opportunity to retroactively make or revoke an election out, narrows the scope of the definition of interest, excludes certain self-charged interest from the limit, and clarifies the small business exception, among other significant changes. A discussion of the provision along with numerous examples will assist you in planning for maximizing your clients deductions.

-Explain key partnership updates
Well demystify the administrative adjustment request process and share key insights on other developments in the partnership area, including Schedule K-1 reporting requirements and new regulations on the carried interest rules, liability allocations, and disguised sales.

-Identify other tax developments and useful tips
The IRS and courts have been at work in the tax arena dealing with issues unrelated to the pandemic. Learn about developments related to Sec. 199A, hobby losses, charitable contributions, IRS compliance matters, and several other critical areas.

Designed For: Tax professionals, whether in public practice or industry, who need to be aware of new federal tax legislation, IRS guidance, and recent court decisions.

CPE Credits: 8, Taxation

Level of Knowledge: Update

Prerequisite: Experience in federal tax planning and preparation

Acronym: TAU

Discussion Leader: Chris Hesse, CPA