• Details of 2021 business tax changes included in the 2021 Consolidate Appropriations Act and the American Rescue Plan Act
• Updates on the latest business tax legislative developments
• Planning ideas and examples implementing the changing tax laws
• Discussion of the pros and cons of the Opportunity Zone Fund investment
• Comparison of the tax deferral in a tax-deferred exchange and an Opportunity Zone fund investment
• Changes to depreciation and luxury auto limits
• Comparison of the §179 and the bonus depreciation deduction
• Updates on the §163(j) rules and NOLs
• Review of the QBI deduction including the important aggregation election
• Factors for classifying a real estate rental as a "business" for the QBI deduction, including client letters
• Updates on payroll tax issues including Sick Leave and Employee Retention Credits
• News on IRS audit targets for S corporations and LLCs
• Details on the SALT workaround for pass-through entity owners
• Reminders on the streamlined audit provisions for partnerships and LLCs
• Discussion of a new S corporation reasonable comp case
• Updates on ACA and its "employer mandate"
• Plus, a review throughout the day of issues explained and clarified in recent tax court cases and IRS rulings
Upon successful completion of this course, participants will be able to:
• Discuss business tax developments for 2021 returns.
• Enumerate planning ideas in implementing changing business tax laws.
• Accurately prepare returns for business taxpayers.
• Understand and apply the various rules and regulations on the QBI deduction.
• Identify tax issues and apply regulations related to real estate as a qualified business for the QBI deduction.
• Convey details of the Affordable Care Act (ACA) "employer mandate."
• Identify opportunities for employer payroll credits.
• Learn IRS audit issues for pass-through entities including basis and reasonable compensation
• Review tax issues explained and clarified in recent tax court cases and IRS rulings
• Apply the many other business tax changes applicable for 2021 business returns
• Details of 2021 business tax changes included in the 2021 Consolidate Appropriations Act and the American Rescue Plan Act
• Updates on the latest business tax legislative developments
• Planning ideas and examples implementing the changing tax laws
• Discussion of the pros and cons of the Opportunity Zone Fund investment
• Comparison of the tax deferral in a tax-deferred exchange and an Opportunity Zone fund investment
• Changes to depreciation and luxury auto limits
• Comparison of the §179 and the bonus depreciation deduction
• Updates on the §163(j) rules and NOLs
• Review of the QBI deduction including the important aggregation election
• Factors for classifying a real estate rental as a "business" for the QBI deduction, including client letters
• Updates on payroll tax issues including Sick Leave and Employee Retention Credits
• News on IRS audit targets for S corporations and LLCs
• Details on the SALT workaround for pass-through entity owners
• Reminders on the streamlined audit provisions for partnerships and LLCs
• Discussion of a new S corporation reasonable comp case
• Updates on ACA and its "employer mandate"
• Plus, a review throughout the day of issues explained and clarified in recent tax court cases and IRS rulings
Experience preparing business tax returns including Forms 1120, 1120-S and 1065.
Experience preparing business tax returns including Forms 1120, 1120-S and 1065.
CPAs in industry and public accounting who need a thorough grasp of the changing tax laws and how they affect our clients going forward.