2018 Federal Tax Update: Business

Author: Greg White

CPE Credit:  5 hours for CPAs
5 hours Federal Tax Law Updates for EAs and OTRPs
5 hours Federal Tax Updates for CTEC

This course will give you the details on the things you must know to complete partnership, S corp, and C corp returns for 2018. This fast-paced program will highlight legal and regulatory developments as well as give you a head start on those 2018 returns that will include the changes from TCJA.

More than ever, this year promises to be one with lots of questions from your clients. How much has changed after the Tax Cuts and Jobs Act (TCJA)? What questions are not answered yet by the IRS?

Publication Date: October 2018

Designed For
All CPAs, EAs, tax preparers and other tax professionals who advise clients and prepare federal income tax returns.

Topics Covered

  • QBID—Overview
  • Caps—Limits on the QBID
  • Caps—Higher Income ("Caviar" Rule)
  • Wage and Property Caps—Business-by-Busines
  • Goldilocks & the Wage/Property Limits
  • Specified Service Businesses: Guard Rails
  • Reasonable Comp: Raising the Stakes
  • Wage Planning
  • Wages: S Corp S-H— QBID Limited by Wages— Does Increased QBID Justify Extra P/R Taxes?
  • Planning Guaranteed Payments
  • Planning QBID CAPS
  • Tax. Inc. Cap All Taxpayers
  • Loss Carryovers
  • Do Real Estate Rentals Qualify for QBID?
  • S Corp or Sole Proprietor?
  • How We Think About Taxes
  • Warning: Landmine Ahead
  • Due Diligence
  • Accounting Methods
  • Cash Method
  • After TCJA: Capitalizing Costs and Cash Method
  • Self-Constructed Assets
  • Contractors: Completed Contract Method
  • Book Conformity: Income Accrual
  • $25 Million Rule
  • Aggregation of Gross Receipts
  • Prohibited from TCJA Accounting Methods
  • Sammy Davis, Jr. and TCJA
  • Opportunity Zones
  • Family Leave Credit
  • Corporate Tax Rates
  • Fiscal C Corps Blended Rates
  • Should you switch to a C corp.?
  • Accumulated Earnings Tax
  • Appendix I: Partnerships/corporations under common control
  • Appendix II: Application of "Carried Interest" Rule to §1231
  • Appendix III: Family Leave Credit

Learning Objectives

  • Identify and apply the latest developments in business taxation for 2018
  • Recognize the TCJA impact on business returns, Section 199A, and more
  • Identify where charitable deductions go
  • Recognize how to prepare accurate 2017 business tax returns for 2018
  • Differentiate characteristic of the new QBID (i.e. new §199A) deduction
  • Recognize which type of taxpayer is ineligible to take the new §199A deduction
  • Identify correct statements with respect to qualified business income
  • Recognize what percent deductions are allowed under the new §199A deduction
  • Identify the full phase in amount related to the new §199A deduction for those individuals filing as single
  • Describe aggregation and how it applies to three factors for purpose of QBID
  • Differentiate tax course cases and how they apply to your client
  • Identify characteristics of a sole proprietorship as it relates to QBID
  • Recognize which tax provision was repealed and effective after 12/22/2017
  • Identify and apply tax rates as a result of the TCJA
  • Identify correct statements with respect to the accumulated earnings tax (AET)
  • Recognize specified service activity which will lose QBID if income is too high
  • Identify accounting method changes based on the TCJA requirements
  • Recognize and apply characteristics of a tax shelter
  • Describe the family leave credit and the percentage of employee's wages
  • Identify the years applicable to a deduction for personal casualty losses allowed for federally declared disaster areas
  • Recognize the date no capital gain treatment for self-created patents for dispositions, based on TCJA
  • Describe the accumulated earnings tax rate percentage of accumulated taxable income

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $99

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