2018 Federal Tax Update for Business (Currently Unavailable)

Author: Bradley Burnett

CPE Credit:  8 hours for CPAs
8 hours Federal Tax Law Updates for EAs and OTRPs
8 hours Federal Tax Updates for CTEC

Tax Reform Means Big Changes for Businesses on 2018 Returns

Help your business clients steer clear of trouble and ensure that the tax breaks and advantages of the Tax Cuts and Jobs Act of 2017 bring real benefits. Join expert instructor Bradley Burnett, J.D., LL.M. for this timely and detailed course that gets you current with the most important and cutting edge new federal tax developments. This is not the year for a shallow Federal Tax Update--you need to be prepared for the big changes and big questions from TCJA.

Mr. Burnett delivers up-to-the-day changes in federal tax law. This on-demand course, delivered at a brisk pace and with humor, is designed to meet the needs of the tax planner and return preparer by identifying and responsibly exploring recent important tax developments. Your partnership, S corp, and C corp clients are counting on you to make sure their 2018 returns take advantage of all the latest developments.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: January 2019

Designed For
All return preparers, tax planners, and taxpayers desiring to keep up with late-breaking tax developments

Topics Covered

  • TCJA--What does it mean for businesses
  • Interpreting TCJA
  • IRS Standard Mileage Rates
  • Backup Withholding
  • Newly Revised W”9
  • Real Estate and Cost Recovery
  • §179 Overview
  • §168(k) Bonus Depreciation
  • Qualified Improvement Property (QIP)
  • TCJA — Luxury Auto
  • Cost Segregation Studies
  • Fast Cost Recovery for 2018 Good Idea?
  • Choosing Between §179 and Bonus
  • §199A and Timing Issues
  • TCJA — Net Operating Loss Rules
  • Business Entertainment and Meals Under TCJA
  • TCJA— Employer Credit for Paid Family & Medical Leave
  • What Does §199 Have To Do With Cheesecake?
  • Tax Cuts and Jobs Act: Pass”Through Deduction
  • QBI Deduction Applies to Non”C Corps
  • QBID— Individuals, Estates & Trusts Qualify
  • QBID Only Reduces Income Tax Effective Rate
  • TCJA ” §199A Pass”Through Deduction / Centralized Partnership Audit Rules
  • Qualified Business Income Effective Rates
  • Loss Limitation ” Hurdles
  • Specified Service Trade or Business (SSTB)
  • SSTB — Crack and Pack Strategy
  • SSTB — A Cracking Permission Rule?
  • SSTB — De Minimis Rule
  • Wage or Wage/Property Limit
  • Do Both SSTB and Wage, Wage/Property Limits Apply Within Phase Out Range?
  • Effect of Business Losses on QBID
  • Effect of Carryover QB Loss on QBID
  • QBID and Rental Real Estate
  • Is Rental Real Estate a Business?
  • §199A and Aggregation
  • QBID — Which Side of the Fence? A New Thinking Process
  • Deduction for Employee Parking Bites Dust
  • Exempt Organizations
  • Opportunity Zones
  • Competition Between Opportunity Zones and Like Kind Exchanges
  • TCJA— §163(j) Business Interest Expense Limit
  • Centralized Partnership IRS Audit Rules
  • CPAR — Highway and Exit Ramps
  • Imputed Underpayment
  • Partnership "Elects Out" of CPAR
  • Partners "Amend Out" or "Pull In"
  • Partnership Elects "Push Out"
  • Modification of Imputed Underpayment
  • Partnership Representative
  • Agreements Affected by CPAR
  • State Conformity (or Not) with CPAR
  • Passports and Taxes
  • Identity Theft
  • IRS Collection

Learning Objectives

  • Recognize the impact of the Tax Cuts and Jobs Act on business filers
  • Describe the latest developments in taxation for S corps, partnerships, LLCs, and C corps
  • Identify how to file correct and accurate 2018 returns
  • Recognize and apply the phase-out range for the Section 179 expense election in 2018
  • Differentiate examples of a qualified improvement property
  • Describe which type of expense continues to be 100% deductible subsequent to passage of the TCJA
  • Recognize and apply QBID effective rates as a result of TCJA
  • Recognize which type of organization is ineligible to take advantage of the QBID as a result of the TCJA
  • Identify which items are directly affected by QBID
  • Describe correct statements with respect to net operating losses is correct as a result of the TCJA
  • Identify the amount in which phase-out of Section 199A deduction ends for single taxpayers
  • Recognize which category of health is not included within the SSTB requirement with respect to the limit on QBID
  • Describe correct statements with respect to considerations around rental real estate as a business
  • Recognize what is required to be reported regarding each aggregated business
  • Describe the new CPAR rules and requirements and how they apply
  • Identify advantages to a partnership of the "amend out" or "pull in"
  • Identify difference in action or effect with respect to the "amend out" or "pull in" procedure
  • Identify a recommendation for how to best prepare for CPAR
  • Describe which IRS standard mileage rates were held constant from 2018 to 2019
  • Recognize when depreciation should commence based on the bonus depreciation rules
  • Describe the impacts from TCJA regarding definition of entertainment impacts
  • Identify one of the three methods for computing W-2 wages
  • Differentiate which court case supported a conclusion that a single-family residence is not a business
  • Identify how opportunity zones were affected by tax incentives
  • Recognize the new rule which replaces the prior TEFRA rules

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

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