2016-2017 Federal Tax Update: Business

Author: Eva Rosenberg

CPE Credit:  6 hours for CPAs
6 hours Federal Tax Law Updates for EAs and OTRPs
6 hours Federal Tax Updates for CTEC

Prepare yourself for the upcoming tax season by registering for our Federal Tax Update two part series. Also included are rulings and case studies, tax planning strategies, and IRS procedures.

Publication Date: October 2016

Designed For
CPAs, EAs, and other tax professionals.

Topics Covered

  • Key Legislation with direct effect on 2016 and 201
  • New Entity Filing Deadlines
  • Extenders — Made Permanent — PATH Act 2015
  • Expiring Legislation
  • Annual Updates to Common Business Deductions
  • Capitalization and Repair
  • Automatic Depreciation Corrections
  • Employee Benefits and Reimbursement Issues
  • Employee or Independent Contractor
  • Funding the Business
  • The Sharing Economy
  • Cancellation of Debt
  • Tax Pro Issues — and Renewals
  • Legal Marijuana - Getting Potted
  • Tax Pro Issues — and Renewals
  • IRS Collections Updates
  • IRS Future State

Learning Objectives

  • Recognize the important tax changes and procedures to better prepare you for the tax season
  • Identify the new due date to file Form 1065 by
  • Describe the Highway Act when advising clients
  • Recognize the maximum Social Security tax business owners would pay in the 2016 tax year
  • Describe the standard mileage rate clients can claim for business mileage in 2016
  • Identify first-year depreciation limits for a business vehicle and other accepted business vehicle deductions
  • Recognize the 50% Bonus Depreciation extension under the PATH Act
  • Describe "unit of property" as it applies to safe harbor
  • Identify why you would choose certain DCNs on Form 3115 for various client scenarios
  • Differentiate when you may offer benefits under the PATH Act
  • Recognize when a client may qualify for amnesty through the Voluntary Classification Settlement Program (VCSP) through the IRS
  • Differentiation real life court cases and how they apply to client scenarios
  • Identify disposition of a §1244 stock and the percentage of gain that would be excluded
  • Recognize when stock meets the test to qualify for Qualified Small Business Stock (QSBS)
  • Describe the steps to your client who would like to reduce the tax attributes for discharging the debt on a principal residence
  • Identify the CPE requirements to obtain an Annual Federal Tax Refresher (AFSP) Record of Completion
  • Differentiate the renewal periods to keep an EA status up to date
  • Recognize how to proceed if a client failed to file the correct information on a return
  • Identify acceptable per diem rates for meals and lodging during business trips
  • Differentiate between an employee and independent contractor
  • Identify why the IRS plays a consulting role with employers who are behind on their payroll tax deposits
  • Describe which records clients should obtain in a cash-based business
  • Identify the renewal requirements for a tax preparer obtaining a Preparer Tax Identification Number (PTIN) for the 2016 filing
  • Recognize which secure storage system to utilize for client-based attachements
  • Describe the percentage a business owner who provides childcare facility benefits to employees



Instructional Method

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation

Registration Options

Regular Fee$89
Value Pass Fee$0

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