2019 Business Federal Tax Update: Including Tax Cuts and Jobs Act Developments

Author: Greg White

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

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 four-hour CPE course taught by Greg White, CPA. This course will get you up to speed on the latest developments related to 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 affect by recent guidance under the Tax Cuts and Jobs Act.

Publication Date: November 2019

Topics Covered

  • Business Expenses
  • Who's Subject to §163(j)
  • Computation of Limit (if Subject to §163(j))
  • Entities: Siloed Interest Expense
  • Bonus Depreciation: Final Regulations
  • Allowed or Allowable
  • Trap for the Unwary
  • Late Bonus Elections
  • Pensions
  • Pit Stop
  • Tax Forms
  • New QBID Forms
  • Penalty Relief
  • Responses -- If IRS Proposes Incomplete Return Penalty
  • Safe Harbor
  • §199A — The QBID
  • Hamburger Strategies
  • The Cost of Not Paying FICA Tax and The Future of Social Security
  • Caviar -- Wage Strategies
  • Goldilocks "Just the Right Amount" of Wages (non-SSTB)
  • Sale of a Business
  • Funeral Service Director Nabbed for Fraud

Learning Objectives

  • Describe the latest developments in business taxation for 2019
  • Identify the TCJA impact on business returns--Section 199A and more
  • Recognize how to prepare accurate business tax returns for 2019
  • Identity tax-savings opportunities for your clients
  • Recognize a common adjustment that is deducted to arrive at adjusted taxable income when computing the business interest expense
  • Recognize correct statements when an entity considers electing out of §163(j) and switches to ADS
  • Identify the maximum depreciation for passenger automobiles assuming qualified business use in the second taxable year after 12/31/2017
  • Differentiate considerations regarding bonus depreciation and passenger automobiles
  • Recognize which IRS form to use if you would like to elect out of bonus depreciation
  • Identify a change made to Schedule K-1, Box H, as a result of recent regulations
  • Recognize changes to Form 1065 reporting
  • Identify which requirements are required to be met in order for a late filing penalty to be waived for reasonable cause
  • Identify the starting point when applying the §705(b) safe harbor
  • Recognize correct statements regarding the new Form W-4
  • Identify the full phase in amount related to the QBI deduction for single filers in 2019
  • Recognize correct statements regarding social security benefits
  • Recognize the percent the OASDI employee share beginning in the 1970 decade
  • Describe which act provided Americans with input into rule making and protection against arbitrary agency actions
  • Identify ATI for purposes of business interest expense
  • Recognize which type type of property is not required to use ADS if the entity elects out of §163(j)
  • Identify a strategy to avoid silos
  • Identify the maximum depreciation in the first taxable year if you elect out of bonus
  • Describe what the court found in the referenced case of David Burbach v. Commissioner
  • Differentiate which QBID form should generally be used by lower and moderate-income taxpayers
  • Recognize and apply changes to Form 1065
  • Identify when the new Form W-4 will go into effect
  • Recognize which type of professional would generally be excluded from the SSTB phase-out rules with respect to the new QBID
  • Recognize the estimated percentage of Americans that are likely not impacted by QBID phase-out limits
  • Identify the type of payment decreases an LLC's QBID and is basically a "double whammy"

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $111

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