[WEB] Year 2020 Tax Update

Description

VIRTUAL WEBINAR

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Further Consolidated Appropriations Act, the CARES Act, and the PPP Flexibility Act, as well as guidance issued for the Tax Cuts and Jobs Act; and other new regulations, cases, and rulings in all areas of federal taxation through October 15, 2020.

Objectives

• Describe the changes to distributions from qualified plans and IRAs made by the SECURE Act

• Explain new developments that affect S corporations, LLCs, and tax partnerships, including the use of tax basis capital accounts, treatment of excess business interest expense on Schedule K-1, Line 13(k), treatment of state income taxes paid by the RPE, and using Rev. Proc. 84-35

• Describe the changes to the Kiddie Tax rules and Form 8615 and Form 8814

• Summarize the most recent tax accounting provisions, including guidance issued on the use of the cash method and whether an LLC falls within the definition of a tax shelter

• Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals and AIRBNBs

• Discuss the newly issued final regulations on the deductibility of entertainment expenses, business meals, travel meals, entertainment meals, the definition of an entertainment activity, and the proposed regulations on qualified transportation fringe benefits

• Explain planning ideas for maximizing the 20% deduction for qualified business income from a qualified trade or business and a specified service business, as well as changes to the 2020 draft instructions to Form 8995 and Form 8995-A

• Describe the latest developments on depreciation; final and proposed regulations on bonus depreciation, §179 deduction, qualified improvement property (QIP), and using Rev. Proc. 2020-25 and Rev. Proc. 2020-50 and other options which are available for QIP placed in service in 2018 and 2019 since QIP now has a recovery period of 15 years

• Discuss the current status of the return preparer rules, e-filing requirements, and the new FEES for renewing PTINs

• Describe the latest developments in IRS procedures and practices, including Circular 230, including the statute of limitations for e-filed returns

• Discuss the final regulations on excess deductions in the year of termination for estates and trusts - how much is deductible in arriving at AGI and how much is deductible on Schedule A as not subject to 2% AGI

• Discuss recent developments in employment and self-employment tax, including CCA 202009024 which deals with the interaction of the passive loss rules and self-employment tax

• Discuss the recent proposed regulations on like-kind exchanges in defining real property and the final regulations on the business interest expense deduction of §163(j) and Form 8990

• Describe the changes made to the deductibility of premium payments to a HCSM (Health Care Sharing Ministry).
  Describe the proposed changes to the 2020 Forms 1040, 1120, 1120S, 1065, and 1041

• Discuss the latest SBA guidance on forgiveness of Paycheck Protection Program loans of $50,000 or less and the last day to apply for forgiveness