This comprehensive course covers key tax issues for completing complicated individual returns, including in-depth coverage of recent legislation, case law developments, and relevant notices, announcements, revenue rulings and procedures to help the busy practitioner stay current. Speakers are all practicing preparers who share practical tips to help you get ready for this tax season. We will discuss:
• SECURE Act changed many aspects of retirement decisions and planning with the elimination of several long-used tools such as the stretch-out distribution rules. A comprehensive update of retirement post SECURE Act changes.
• The Tax Extender and Disaster Relief Act passed late in 2019 contain more than the name implies. What was the act about and how will it affect my client.
• Section 199A’s QBI deduction – IRS keeps moving our understanding of this complicated Code Sec. Updated discussion on Safe Harbor provisions, aggregation rules and new rulings from IRS
• Expanding the discussion on Social Security and Medicare helpful planning tips and tools to assist clients with Medicare and Social Security decisions by planning before the ages of 62-67.
• Complying with the Data Security Rules as required by IRS.
• Qualified Opportunity Zones, final regulations and how is the QOZ election made on the tax return
• Non-employee compensation and new Form 1099-NEC.
• The intersection of excess business losses, NOL’s and the QBI deduction
• Tax challenges facing special industries including shared economy businesses and marijuana dispensaries
• What will the IRS look like after the implementation of the – Taxpayer’s First Act plus the additional modifications made by other recent acts.
• Luxury automobile depreciation amounts - safe harbors planning with the larger depreciation deductions post TCJA.
**Due to the reduced pricing of the webinars, all manuals will be delivered electronically. If you would like a hard copy of the manual for a Gear Up event, the cost is $50. Please call the MSATP office at (800) 922-9672 for more details. Thank you.**
By the end of this seminar, you should be able to: identify changes to the kiddie tax calculation; apply the rules of penalty assessment and abatement; evaluate changes to itemized deductions and determine the credits that are available to taxpayers including CORONA-19 related credits, and identify reporting required to “reconcile” the EIPs; recognize changes to education credits and deductions, and evaluate rules associated with debt discharge; apply the rules of retirement plan accumulation and distribution; determine the correct reporting of interest, dividends, and capital gains, and identify current IRS issues; implement sound strategies to safeguard confidential taxpayer information; identify the basics of reporting Schedule C self-employment income and expenses; analyze what tax years are retroactively exempt from the IRC Sec. 461(l) loss limitation rules for noncorporate taxpayers; identify the CARES Act’s impact on an individual taxpayer’s net operating loss (NOL), analyze the SBA’s PPP loan forgiveness parameters, and evaluate the CARES Act changes to qualified improvement property (QIP); calculate the qualified business income deduction (QBID) under IRC Sec. 199A; analyze impact of Tax Extender and Disaster Relief Act of 2019 on deductible personal casualty and theft loss deductions; and assess 2020 developments affecting high deductible health plans and HSA contributions.
Number of Hours:
Knowledge of Tax Law Regulations
Group Internet Based
Number Of Days:
Early Cut Off Date:
CPA (16), EA (16), CFP (16), Maryland Preparer (16), AFSP (16)
NASBA, IRS, CFP Board, State of Maryland