2020 Federal Tax Update for Businesses (Currently Unavailable)

Author: Greg White

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

More than ever, this year promises to be one with lots of questions from your clients. How will the CARES Act, PPP Act, and the latest cases and administrative guidance affect the upcoming tax preparation season? How have the documentation requirements for meals and entertainment been changed?

You’ll be guided through the maze with this eight-hour CPE course taught by Greg White. This course will get you up to speed on the latest developments related to S corporation, partnership and C Corporation returns for 2020. This fast-paced program will highlight legal and regulatory developments as well as give you a head start on those 2020 returns.

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: November 2020

Designed For
Designed for tax professionals involved in federal tax planning or tax return preparation.

Topics Covered

  • CARES Act impact — Including the retention credit, business loss limitations (§461(l)), and §163(j) limits
  • New proposed regulations on meals and entertainment
  • New "start-up" cost (§195) cases
  • Have the IRS audit rates increased or decreased?
  • New case on self-employment tax for LLC members
  • Lastly, we'll keep you "up to the minute" on late-breaking tax developments.

Learning Objectives

  • Identify which of your clients qualify for the new Retention Credit
  • Recognize how to compute disallowed expenses related to PPP loan forgiveness
  • Identify new forms issued by the IRS.
  • Recognize how to compute new "tax basis" capital accounts that are required to be disclosed on
  • Identify how to prepare accurate business tax returns for 2020
  • Identify the latest developments in business taxation for 2020
  • Identify the statute of limitation for accounting method changes
  • Differentiate referenced court cases and how they apply to client scenarios
  • Recognize correct statements regarding qualified improvement property
  • Describe the steps in the computation for FTE haircuts
  • Identify why you compute an adjusted basis
  • Describe the ATI % used for S Corps in 2020 for purposes of the CARES Act and §163(j)
  • Identify 2020 limits

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

">
 Chat — Books Support