2021 Business Federal Tax Update: Part 1 (Half-Day Webinar) (Completed)

Date: Thursday, October 21, 2021
Instructor: Greg White
Begin Time:  8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

If last year was action packed, this year promises to be even more so. Join expert, Greg White, CPA, as he provides an update on the recent changes you need to navigate through the maze of tax legislation and cases that affect business clients.

Topics Covered

  • Important new case on partnership loss allocations
    • Court tosses out LLC's loss allocation because they didn't maintain capital accounts
      • Do you need to start maintaining partners' capital accounts every year?
  • Does a partners' loan to a partnership create discharge of indebtedness upon the termination of the partnership?
  • S corporation terminations
    • Electing S corporation status for LLCs has been backfiring
        • How to avoid this problem, and how to fix it if you have inadvertently terminated S corporations
  • Reasonable compensation for S corporation shareholders
    • TIGTA issues report criticizing IRS audit efforts
    • New case addresses reasonable compensation
  • 100% deduction for restaurant meals for 2021 and 2022
    • Does it cover coffee shops and lounges?

Learning Objectives

  • Identify tax treatment of a partner's loan on termination of the partnership
  • Identify how to avoid invalid S corporation elections for LLC's
  • Recognize the Tax Court's position on reasonable compensation for S corporation shareholders
  • Identify food costs eligible for the 100% restaurant meals rule
  • Recognize how to determine whether a partnership's capital account needs to maintained every year under a new Tax Court case

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

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