2019 Federal Tax Update: Including Tax Cuts and Jobs Act Developments (Currently Unavailable)

Author: Greg White

More than ever, this year promises to be one with lots of questions from your clients. What crucial new guidance has been issued under the Tax Cuts and Jobs Act (TCJA)?

CCH will guide you through the maze with this eight-hour CPE course taught by Greg White, CPA. This course will get you up to speed on the latest developments related to individual, partnership, S corp, and C corp returns for 2019. This fast-paced program will highlight legal and regulatory developments as well as give you a head start on those 2019 returns that will be affected by recent guidance under the Tax Cuts and Jobs Act.

Publication Date: November 2019

Topics Covered

• Final Regulations under Section 199A:
  • Planning for S corporation shareholder compensation to maximize the QBID
  • Maximizing the QBID for LLC members
  • Maximizing the QBID on the sale of a business
  • When does a triple net lease qualify for the deduction?
  • What happens if your clients don't meet the new safe harbor?
• Final Regulations under Section 163(j) (30% interest limitation):
  • Planning ideas to reduce the impact of the limit
• "Opportunity Zones":
  • How your clients can benefit from them
  • What mistakes could your clients make in investing in opportunity zone funds?
• Self-employment Tax for LLC members:
  • We'll cover recent informal guidance from the IRS on self-employment tax for LLC members
• Can your business clients issue Forms 1099's for director's fees to corporate officers?
  • If so, can the corporate officers create their own pension plans, based upon the director's fee 1099?
  • Will the 1099 for director's fees qualify for the §199A QBID?
  • There's a landmark case just issued by the Tax Court — we'll cover it in detail
• The IRS has provided new guidance on the Tax Cuts and Jobs Act: What the IRS believes will be the most common adjustments to your clients returns caused by the new tax law:
  • We'll cover the each of the items the IRS has identified
• We'll have a little bit of fun. We'll cover interesting cases, including:
  • How did a funeral director "bury profits" to avoid paying taxes?
  • What tax trouble did Felicity Huffman and Lori Loughlin in the college admissions scandal?
• Lastly, we'll keep you "up to the minute" on late-breaking tax developments

Learning Objectives

• Recognize the latest developments in individual and business taxation for 2019
• Identify the TCJA impact on business returns
• Recognize how to prepare accurate individual and business tax returns for 2019
• Identity tax-savings opportunities for your clients
• Describe correct statements regarding crypto currency
• Identify an independent digital system to record, share, and synchronize transactions
• Recognize which organization requested a waiver from the syndicate rule, regarding the new business interest expense
• Describe a common adjustment that is deducted to arrive at ATI when computing the business interest expense
• Recognize what percentage of millennials are concerned they won't collect social security, according to the Transamreica survey
• Identify which type of taxpayer has consistently had the highest audit rates based on the IRS Data Books, after estates
• Describe correct statements regarding recent IRS Audit Statistics
• Identify the most frequent audit appeal type based on recent IRS audit statistic
• Differentiate common adjustments relating to deductions limited to members of armed forces
• Recognize when a taxpayer would be considered to have seriously delinquent taxes
• Differentiate advantages of an installment agreement
• Identify which Form 1040 schedule was eliminated/merged with Schedule 2
• Recognize new 2019 IRS Forms
• Identify the starting point when applying the §705(b) safe harbor
• Describe what "security six" uses mobile phone as 2nd authorization
• Describe correct statements regarding the new Form W-4
• Recognize tax incentives provided with respect to designated opportunity zones
• Recognize correct statements regarding the underpayment penalty waiver and Notice 2019-144
• Identify the full phase in amount related to the QBI deduction for single filers in 2019
• Describe the OASDI employee share percentage beginning in the 1950 decade
• Recognize which referenced court case found that the associated rental real estate in question was found to be a business
• Identify a qualifying service as it relates to the safe harbor requirements related to service hours regarding Revenue Procedure 2019-38
• Describe which costs a lessee pays
• Identify activity characteristic of an employee, for purposes of assessing director vs. employee income
• Identify who is subject to §163(j) and who as the ability to elect out
• Differentiate acts passed in 1946 provided average Americans with input into rule making and protection against arbitrary agency actions
• Recognize correct statements regarding the average adjustment as a result of an IRS audit on Form 1040 based on recent IRS statistics
• Identify the approximate percentage of audits conducted through correspondence
• Describe the percentage of IRS audits are appealed as noted within the IRS Data Book
• Identify what percent of taxable income net operating losses arising in taxable years beginning after December 31, 2017, base don TCJA changes
• Recognize within how many dates of receiving a "Notice of Intent to Request State Dept. Revoke Passport" letter a taxpayer should contact the IRS
• Identify which IRS Form you should complete in order to apply for an installment agreement
• Describe the approximate number of taxpayers that paid AMT in 2018 as a result of TCJA changes
• Identify which QBID form should be used by lower and moderate-income taxpayers
• Recognize which type of entity was recently added to Form 1065 Schedule K-1
• Describe approximately what percentage of data thefts start with phishing emails
• Identify what "security six" is required by law
• Identify the year in which the new Form W-4 will go into effect
• Recognize which new form new employees hired after December 31, 2019 are required to use
• Describe until the end of what year qualified opportunity funds provide deferral of capital gains tax
• Recognize when the IRS must notify a taxpayer if the IRS intends to, based on the Taxpayer First Act
• Identify which type of payment decreases an LLC's QBID and is basically a "double whammy"
• Identify an advantage of grouping regarding the Revenue Procedure 2019-38 Safe Harbor
• Identify a relevant factor that likely would be considered when assessing whether a rental real estate is a business

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