Description
Federal Tax Update-Business<?xml:namespace prefix="o" />
2020 has seen the year-end 2019 Secure Act, the March 2020 FFCRV Act, the March 2020 CARES Act, the June 2020 PPPFA and numerous rulings and court cases. Don't worry, we've got you covered! New this year are hundreds of hyperlinks to the 100% free online tax research product at MyTaxDesk, so you don't even have to worry about your research library and finding the citation!
- We start the day with an in-depth discussion, explanation and example forms for the PPP loan forgiveness rules, including tax reporting and Forms 3508 and 3508 EZ, expense adjustments and all of the latest SBA and IRS guidance including major changes up to the day before your class!
- We then move to the payroll-related changes and again discuss, in depth with examples:
- The Paid Sick Leave Program and credit
- The new FMLA rules and credit
- The new Employee Retention Credit
- Disaster Relief Payments
- New Form 1099-NEC replacing the 1099-MISC
- Court cases on employee v. Independent Contractor
- The Paid Sick Leave Program and credit
- Next are the general business changes
- Excess business loss changes
- New business interest rules with examples
- New court cases on business and hobby losses
- New Regulations (again!) on meals and entertainment deductions
- Quick review of other changes in credits, fringe benefits, health care and pensions
- Excess business loss changes
- Partnerships once again have seen lots of changes and we provide the latest guidance on:
- Tax basis capital reporting
- New and revised 1065 schedules and forms
- Late filing penalty relief
- CPAR interpretations
- Tax basis capital reporting
- Accounting methods-In Depth
- New rules on inventory
- Completed Forms 3115 for 4 different situational accounting method changes
- New rules on inventory
- The QBI deduction's latest guidance
- Corporations:
- C Corporate changes from the CARES Act
- Potential 2021 changes after the election
- S Terminations and new K-1's
- Net operating losses under CARES
- C Corporate changes from the CARES Act
- Depreciation-the new QIP rules and fixes
- Tax exempt reporting clarification
And, we will have special coverage of post-election changes if they occur!
- New and revised Forms for 2020: 1040, Sch. 1, Form 8615-E, Form
- In-depth coverage of the biggest retirement plan change year since 1986 with new limits, penalty relief, RMD changes, new income averaging, new 1-year rollover term and planning ideas
- The new charity rules-pre-AGI and 100% AGI limits
- The stimulus credit-the most overlooked credit for 2020, plus the reconciliation requirement
- More court cases on "real estate professionals" and passive losses
- Estate and gifts-the biggest tax planning year in a decade!
- A revisit to Foreign reporting requirements in respect to a 1/2 dozen new court cases
- A dozen new IRS rules, guidance, and breaks
- Basis-the old "don't worry about it" days are over-clear guidance, with forms
- Clear guidance in problem areas on mortgage interest, vacation rentals and virtual currency
- Be prepared for 2020 debt forgiveness with our new discussion, with forms of COD income
Registration for this course has passed.
Course Pricing
WYOCPA Member Fee
$560.00
Non-Member Fee
$660.00
Late Registration Fee (will be added after January 11, 2021)
$100.00
Your Price
$760.00
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