Description forthcoming

Descriptions subject to change in response to legislative updates.

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day update course focusing on individual income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current Federal individual income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to be up to speed quickly and have a successful Federal individual income tax filing season.

This session is a comprehensive review of the Federal individual income tax provisions and tax forms/schedules that will affect the 2023 tax returns and 2024 tax projections with an emphasis on newly enacted income tax legislation, court cases, and IRS guidance.  Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. 

Topics include but are not limited to:  

*  Discuss the most recent individual income tax legislation passed to date 

*  Review numerous individual income tax provisions related to business (i.e., sole proprietors and owners in pass through entities) including but not limited to the 20% qualified business income (QBI) deduction, §461(l) business loss limitations, §163(j) interest deduction limitations and depreciation.

*  Cover issues related and any changes to the various taxes (i.e., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)

*  Brush up on other topics such as income filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income, rentals,…

Description forthcoming

Description Forthcoming

Descriptions subject to change in response to legislative updates

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day update course focusing on business income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current Federal business income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to be up to speed quickly and have a successful Federal business income tax filing season.

Course Highlights

This session is a comprehensive review of the Federal business income tax provisions and tax forms/schedules that will affect the 2023 tax returns and 2024 tax projections with an emphasis on newly enacted income tax legislation, court cases, and IRS guidance.  Each participant will receive a comprehensive business income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, as well as Pat Garverick’s Quick Reference Chart.  

Topics include but are not limited to:  

*  Discuss the most recent business income tax legislation passed to date 

*  Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, §461(l) business loss limitations, §163(j) business interest deduction limitations, accounting method changes, depreciation, fringe benefits and entertainment expenses 

*  Brush up on issues related to compensation, distributions, liquidations, self-employment taxes and retirement plans

*  Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms

Descriptions subject to change in response to legislative updates

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses and their owners with an emphasis of newly enacted income tax legislation.

Course Highlights

This fast-paced session is a comprehensive review of newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures and private letter rulings affecting individuals and businesses.  Each participant will receive a comprehensive manual with the hottest tax topics including Pat Garverick’s Quick Reference Chart. 

Topics include but are not limited to: 

*  Discuss the most recent individual and business income tax legislation passed to date 

*  Walk through major tax changes to corporations, partnerships and/or individuals and any changes to the income tax forms and other related schedules

*  Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, §461(l) business loss limitations, §163(j) business interest deduction limitations, accounting method changes, depreciation, retirement plans, fringe benefits and entertainment expenses 

*  Brush up on the individual and business income tax rates (e.g., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax) 

*  Discuss other individual income tax topics and changes to filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income and income tax credits (e.g., child tax credit and dependent care credit)

*  Walk through the NEW final required minimum distribution (RMD) regulations

*  Review other important IRS audit areas such as basis and at-ri…

This is day 1 of a two-day course.  This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Course Highlights

The course is taught with a Hands-On methodology.  Using a comprehensive case study (W-2s, 1099s, 1098s, K-1s), the participant will walk through the preparation of the Form 1040 and related tax schedules.  Each participant will receive a comprehensive individual income tax reference manual that includes practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the individual income tax laws with an emphasis on any new legislative changes

*  Dissecting the Form W-2, 1099s and Schedule K-1s

*  8995 – QBI deduction

*  Sch A – allowable itemized deductions and phase-out rules

*  Sch B – interest and dividend income

*  Sch C & F – trade or business income and deductions

*  4562 – depreciation and amortization including §179

*  Sch D – sale of capital assets and personal residences

*  4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250

*  Sch E – rentals, passive activities and flow through entities

*  Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits

*  Adjustments to gross income including IRAs, SEPs, student loan interest and self-employed health insurance

*  Calculate regular tax liability (Sch D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Sch SE)

*  Overview of selected income tax credits (e.g., child tax credit, chi…

This is day 2 of a two-day course.  This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Course Highlights

The course is taught with a Hands-On methodology.  Using a comprehensive case study (W-2s, 1099s, 1098s, K-1s), the participant will walk through the preparation of the Form 1040 and related tax schedules.  Each participant will receive a comprehensive individual income tax reference manual that includes practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the individual income tax laws with an emphasis on any new legislative changes

*  Dissecting the Form W-2, 1099s and Schedule K-1s

*  8995 – QBI deduction

*  Sch A – allowable itemized deductions and phase-out rules

*  Sch B – interest and dividend income

*  Sch C & F – trade or business income and deductions

*  4562 – depreciation and amortization including §179

*  Sch D – sale of capital assets and personal residences

*  4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250

*  Sch E – rentals, passive activities and flow through entities

*  Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits

*  Adjustments to gross income including IRAs, SEPs, student loan interest and self-employed health insurance

*  Calculate regular tax liability (Sch D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Sch SE)

*  Overview of selected income tax credits (e.g., child tax credit…

Overview

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of partnership, limited liability company (LLC) and limited liability partnership (LLP) taxation. A cornerstone of this course is the preparation of the Form 1065 using a fairly complex trial balance common to most partnership, LLP and LLC income tax returns.

Course Highlights

This session is taught using a Hands-On methodology.  Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1065 (and related schedules). Each participant will receive a comprehensive partnership income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.  Topics include: 

* Extensive review of the partnership income tax laws with an emphasis on any new legislative changes

* Comparison of partnerships, LLCs and LLPs

* Overview the formation of a partnership/LLC and the §704(c) pre-contribution gain or loss rules

* Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items

* How schedule K items get allocated to partners on schedule K-1s

* Look at detailed Schedule K-1 information reporting to partners needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

* Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members

* Comparing the tax and §704(b) book capital account computations

* Discuss partner guaranteed payments and self-employment tax issues

* Schedule M-1 – reconciliation of income or loss per books with income or loss per income tax return

* Schedule M-2 – analysis of partners’ capital accounts

* Review the importance and basics of cal…

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

Course Highlights

This session is taught using a Hands-On methodology.  Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules). Each participant will receive a comprehensive S corporation income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

*  Extensive review of the S corporation income tax laws with an emphasis on any new legislative

*  Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items

*  Discuss how schedule K items get allocated to shareholders on their schedule K-1s

*  Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

*  Talk about the unreasonably low officer compensation issues

*  Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members

*  Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return

*  Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts

*  Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and profits (E&P)

*  Review the importance and basics of calculating a shareholder’s stock and debt basis

*&nb…

This is a three-day course.  Learners must purchase and enroll in all three days before course materials are released.

This training course is provides an understanding of Federal income tax laws applicable to individuals. The cornerstone of this course is the integration of the most recent tax laws and theories to real world cases and the preparation and review of the IRS tax forms and schedules.

Highlights

Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), participants will walk through the 1040 and related tax schedules while learning complex income tax law.  Participants will receive a reference manual that includes practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.

* Extensive review of income tax laws with an emphasis on new legislative changes and Form 1040 preparation issues

* Walk through the detailed 20% QBI deduction and Form 8995/8995-A

* Form 1040 – gross income items including wages, interest & dividends (Sch B), alimony, refunds, unemployment compensation, pension, IRA’s, social security and other miscellaneous income items

* Sch A – allowable itemized deductions & changes after the TCJA

* Sch C & F – trade or business income and deductions

* Form 4562 – depreciation, amortization and §179 expense

* Sch D – sales of capital assets and personal residences

* Form 4797 – sale of trade or business property incl. the ordinary income recapture rules under IRC §1245 and §1250

* Sch E – rentals, passive activities and flow through entities K-1s

* AGI including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony, student loan interest and self-employed health insurance

* Overview of various taxes including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% NEI

* Tax credits (e.g. child tax, dependent care and education)

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**Those enrolled in only one of the three days will be billed for the other two.

This is a three-day course.  Learners must purchase and enroll in all three days before course materials are released.

This training course is provides an understanding of Federal income tax laws applicable to individuals. The cornerstone of this course is the integration of the most recent tax laws and theories to real world cases and the preparation and review of the IRS tax forms and schedules.

Highlights

Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), participants will walk through the 1040 and related tax schedules while learning complex income tax law.  Participants will receive a reference manual that includes practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.

* Extensive review of income tax laws with an emphasis on new legislative changes and Form 1040 preparation issues

* Walk through the detailed 20% QBI deduction and Form 8995/8995-A

* Form 1040 – gross income items including wages, interest & dividends (Sch B), alimony, refunds, unemployment compensation, pension, IRA’s, social security and other miscellaneous income items

* Sch A – allowable itemized deductions & changes after the TCJA

* Sch C & F – trade or business income and deductions

* Form 4562 – depreciation, amortization and §179 expense

* Sch D – sales of capital assets and personal residences

* Form 4797 – sale of trade or business property incl. the ordinary income recapture rules under IRC §1245 and §1250

* Sch E – rentals, passive activities and flow through entities K-1s

* AGI including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony, student loan interest and self-employed health insurance

* Overview of various taxes including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% NEI

* Tax credits (e.g. child tax, dependent care and education)

----

**Those enrolled in only one of the three days will be billed for the other two.

This is a three-day course.  Learners must purchase and enroll in all three days before course materials are released.

This training course is provides an understanding of Federal income tax laws applicable to individuals. The cornerstone of this course is the integration of the most recent tax laws and theories to real world cases and the preparation and review of the IRS tax forms and schedules.

Highlights

Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), participants will walk through the 1040 and related tax schedules while learning complex income tax law.  Participants will receive a reference manual that includes practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.

* Extensive review of income tax laws with an emphasis on new legislative changes and Form 1040 preparation issues

* Walk through the detailed 20% QBI deduction and Form 8995/8995-A

* Form 1040 – gross income items including wages, interest & dividends (Sch B), alimony, refunds, unemployment compensation, pension, IRA’s, social security and other miscellaneous income items

* Sch A – allowable itemized deductions & changes after the TCJA

* Sch C & F – trade or business income and deductions

* Form 4562 – depreciation, amortization and §179 expense

* Sch D – sales of capital assets and personal residences

* Form 4797 – sale of trade or business property incl. the ordinary income recapture rules under IRC §1245 and §1250

* Sch E – rentals, passive activities and flow through entities K-1s

* AGI including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony, student loan interest and self-employed health insurance

* Overview of various taxes including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% NEI

* Tax credits (e.g. child tax, dependent care and education)

----

**Those enrolled in only one of the three days will be billed for the other two.

This comprehensive training is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder’s stock and debt basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s Federal individual income tax return.

Course Highlights

Each attendee will receive the most comprehensive reference manual with numerous practice aids and real world examples and case studies. Topics include but are not limited to: 

* Extensive review of the S corporation tax laws with an emphasis on any new legislation 

* Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e. page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1

* Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the shareholder’s stock and debt basis

* Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

* S corporation formation issues under IRC §351

* Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P)

* Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts

This is a two-day course.  Learners must purchase and enroll in both days before course materials are released.

This training course provides a comprehensive understanding of Federal income tax laws applicable to S corporations and their shareholders. This course integrates the most recent tax laws and theories to real-world case scenarios and the prep and review of IRS tax forms and schedules.

Course Highlights

This session uses a Hands-On methodology.  Real-world examples are used to demonstrate complex income tax codes and regulations to enhance the learning experience. Each participant will receive a comprehensive Reference Manual that includes numerous practice aids, examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

* Extensive review of the S Corp tax laws with an emphasis on any new legislative changes Form 1120S (and related schedules) preparation issues

* S Corp formation issues and liquidations

* Form 2553 S Corp elections and late IRS election procedures

* Schedule K and K-1 preparation issues including separately and non-separately stated income and expense items (including the 20% QBI deduction, 3.8% NIT, business interest deduction limitations, fringe benefits and entertainment expenses)

* S Corp revocation and termination and allocation of income during short S and C Corp years

* Low officer compensation issues

* Treatment of fringe benefits paid to 2% shareholders and family members

* Schedule D – built-in gains computation and planning opportunities when converting a C to an S Corp

* Passive income

* Schedule M-2: step-by-step analysis of the AAA, PTI, E&P and OAA accounts and the treatment of distributions when the S Corp has prior C Corp E&P

* Calculation of shareholder stock and debt basis

* Limiting S Corp losses and deductions

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**Those enrolled in only one of the two days will be billed for both.

This is a two-day course.  Learners must purchase and enroll in both days before course materials are released.

This training course provides a comprehensive understanding of Federal income tax laws applicable to S corporations and their shareholders. This course integrates the most recent tax laws and theories to real-world case scenarios and the prep and review of IRS tax forms and schedules.

Course Highlights

This session uses a Hands-On methodology.  Real-world examples are used to demonstrate complex income tax codes and regulations to enhance the learning experience. Each participant will receive a comprehensive Reference Manual that includes numerous practice aids, examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

* Extensive review of the S Corp tax laws with an emphasis on any new legislative changes Form 1120S (and related schedules) preparation issues

* S Corp formation issues and liquidations

* Form 2553 S Corp elections and late IRS election procedures

* Schedule K and K-1 preparation issues including separately and non-separately stated income and expense items (including the 20% QBI deduction, 3.8% NIT, business interest deduction limitations, fringe benefits and entertainment expenses)

* S Corp revocation and termination and allocation of income during short S and C Corp years

* Low officer compensation issues

* Treatment of fringe benefits paid to 2% shareholders and family members

* Schedule D – built-in gains computation and planning opportunities when converting a C to an S Corp

* Passive income

* Schedule M-2: step-by-step analysis of the AAA, PTI, E&P and OAA accounts and the treatment of distributions when the S Corp has prior C Corp E&P

* Calculation of shareholder stock and debt basis

* Limiting S Corp losses and deductions

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**Those enrolled in only one of the two days w…

This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return.

Course Highlights

Each attendee will receive the most comprehensive reference manual with numerous practice aids and real world examples and case studies. Topics include but are not limited to: 

* Extensive review of the partnership tax laws with an emphasis on any new legislative changes

* Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e., page 1 versus Schedule K) and flow-thru to the partner/members on Schedule K-1

* Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the partner/member’s outside basis

* Look at detailed Schedule K-1 information reporting to partners/members needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations

* Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member

* Calculating the tax and §704(b) book capital accounts

* Reporting recourse and non-recourse debt on the Schedule K-1Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”

* Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)

This is a two-day course.  Learners must purchase and enroll in both days before course materials are released.

This training course provides a comprehensive understanding of Federal income tax laws applicable to partnerships, LLCs, LLPs, and their owners. This course integrates the most recent tax laws and theories with real world cases that teach the preparation and review of IRS tax forms and schedules.

Course Highlights

This course utilizes a Hands-On methodology.  Real-world examples and cases demonstrate complex codes and regulations to enhance the participants' learning experience. Participants receive a comprehensive manual with numerous practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

* Extensive review of the partnership laws with an emphasis on any new legislative changes and Form 1065 (and related schedules) preparation issues

* Overview of different forms of business entities

* Formation issues including the allocation of §704(c) pre-contribution gain or losses back to the contributing partner/member

* Schedule K and K-1 – preparation issues including separately and non-separately stated income and expense items (including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax, business interest deduction limitations, fringe benefits and entertainment expenses)

* Calculating the tax and §704(b) book capital accounts

* Understand the substantial economic effect requirement regarding special allocations

* Allocation of debt to K-1s

* Deductibility of fringe benefits including health insurance premiums

* Guaranteed payments & self-employment tax issues and pitfalls

* Partnership losses as limited to calculating outside basis and at-risk rules

* 754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)

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**Those enrolled in only one of the two days will be billed for both.

This is a two-day course.  Learners must purchase and enroll in both days before course materials are released.

This training course provides a comprehensive understanding of Federal income tax laws applicable to partnerships, LLCs, LLPs, and their owners. This course integrates the most recent tax laws and theories with real world cases that teach the preparation and review of IRS tax forms and schedules.

Course Highlights

This course utilizes a Hands-On methodology.  Real-world examples and cases demonstrate complex codes and regulations to enhance the participants' learning experience. Participants receive a comprehensive manual with numerous practice aids, real world examples, new tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: 

* Extensive review of the partnership laws with an emphasis on any new legislative changes and Form 1065 (and related schedules) preparation issues

* Overview of different forms of business entities

* Formation issues including the allocation of §704(c) pre-contribution gain or losses back to the contributing partner/member

* Schedule K and K-1 – preparation issues including separately and non-separately stated income and expense items (including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax, business interest deduction limitations, fringe benefits and entertainment expenses)

* Calculating the tax and §704(b) book capital accounts

* Understand the substantial economic effect requirement regarding special allocations

* Allocation of debt to K-1s

* Deductibility of fringe benefits including health insurance premiums

* Guaranteed payments & self-employment tax issues and pitfalls

* Partnership losses as limited to calculating outside basis and at-risk rules

* 754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)

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**Those enrolled in only one of the two days wi…

This comprehensive training is designed to get the accountant up to speed quickly with the complex passive activity loss (PAL) rules that apply to certain investments in trades or businesses and rental activities. The cornerstone of the course is the in-depth coverage of the detailed tax law and regulations applicable to passive activities under IRC §469 and how and when the 3.8% net investment income tax under §1411 applies.

Course Highlights

Each attendee will receive the most comprehensive passive activity reference manual with numerous practice aids and real-world examples. Topics include but are not limited to: 

* Detailed coverage of the passive activity rules under IRC §469 (and related regulations), how the 3.8% net investment income tax under §1411 and qualified business income (QBI) deduction under §199A applies to rentals and passive activities, and what is a trade or business rental is under §162

* How the PAL rules apply to rental real estate activities and investments in S corporations and partnerships

* Definition of an activity and the activity grouping and disclosure rules

* Real estate professional exception to the PAL rules for investments in non-passive rentals

* Special $25,000 loss allowance for rental real estate with active participation

* Material participation safe harbor rules

* Events that trigger suspended PALs

* Limitations on tax credits generated by passive activities

* Special rules that re-characterize passive income to non-passive income

* What rentals are subject to self-employment tax under §1402

Description subject to change in response to legislative updates.

This comprehensive training is designed to get the accountant up to speed quickly with the different types of individual retirement accounts (IRAs). The cornerstone of the course is an in-depth coverage of the contribution and distribution rules to the Traditional, Roth, Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. The course will also discuss the basics of the health savings account (HSA) as well as any newly enacted tax legislation related to IRAs.

Course Highlights

Each attendee will receive the most comprehensive IRA reference manual with numerous practice aids, examples and required minimum distribution tables.  

Topics include but are not limited to: 

*  An emphasis on newly enacted tax legislation affecting IRAs including the NEW final required minimum distribution (RMD) regulations 

*  Contribution limits to and tax treatment of distributions from Traditional, Roth, SEP and SIMPLE IRAs

*  Deductible phase-out limits for Traditional IRA contributions for taxpayers that are active participants in qualified retirement plans

*  Roth IRA contribution phase-out limits as well as tax-free qualified distributions

*  Planning opportunities for conversions to ROTH IRAs

*  Rollover rules to/from different retirement accounts and the one-rollover-per-year limitation

*  The different options of receiving IRA distributions before age 59 ½ and avoiding the 10% early distribution penalty (including substantially equal periodic payments)

* The required minimum distribution (RMD) rules from IRAs needed to avoid the 50% penalty after the account owner turns age 72 or dies

*  The tax ramifications of spouse and non-spouse beneficiaries and how this affects the RMD calculation after the account owner’s death

*  Overview of health savings account (HSA) eligibility rules, contribution limits and distribution rules

The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that lowered the income tax rates for individual and corporate taxpayers and introduced the new 20% qualified business income (QBI) deduction for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the 20% QBI deduction final regulations under IRC §199A.   

Course Highlights

This session will spend the entire day covering the 20% qualified business income (QBI) deduction and final regulations under IRC §199A. In addition, the course will review many other income tax provisions affecting the QBI deduction calculation with an emphasis on newly enacted income tax regulations, IRS notices and revenue procedures. Topics include but are not limited to: 

* Detailed coverage of calculating the combined qualified business income amount (i.e., QBI component and REIT/PTP component)

* Determine what trade or businesses under §162 are eligible for the QBI deduction (i.e., rentals and specified service trades or businesses (SSTB))

* Discuss how the 20% QBI deduction (i.e., QBI component) is subject to a wage/capital limitation and SSTB income is phased-out for taxpayers with taxable income above the inflation adjusted threshold amounts

* Walk through the simplified QBI Form 8995 (i.e., taxpayers below the TI threshold amounts) and detailed Form 8995-A and related schedules

* Determine what wages and unadjusted basis immediately after acquisition (UBIA) are for those subject to the wage and capital limitations

* Look at what the definition of QBI is and what items are effectively connected with that trade or business (i.e., self-employment tax, health insurance, retirement plans)

* Review the aggregation rules for the QBI computation and both the entity and individual level

* Walk through the reporting responsibilities of partnerships and S corporations to their owners on the Schedule K-1s

* Explain how the modifications to the net operating losses…

Descriptions subject to change in response to legislative updates

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation. 

Course Highlights

This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level.  Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.

Topics include but are not limited to: 

* Extensive review of the S corporation tax laws with an emphasis on any new legislative changes

* Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)

* Fixing late S corporation elections (i.e., Form 2553)

* S corporation formation (§351) and liquidation issues

* Revocation and termination of S corporations

* Schedule K and K-1 – separately stated versus non-separately stated income and expense items

* Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax

* Compensation issues including the tax treatment of fringe benefits

* Built in gains tax and other planning opportunities when converting a C to S corporation

* Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts

* Tax treatment of stock redemptions (sale or distribution?)

Descriptions subject to change in response to legislative updates.

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.

Course Highlights

This class will review the partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level.  Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. 

Topics include but are not limited to: 

* Extensive review of the partnership tax laws with an emphasis on any new legislative changes 

* Overview of different forms of business entities including the check-the-box regulations

* Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member

* Schedule K and K-1 – separately stated versus non-separately stated income and expense items

* Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax

* Calculating the tax and §704(b) book capital accounts

* Substantial economic effect requirement to have special allocations to the partners/members

* Allocation of recourse & non-recourse debt on K-1s

* Guaranteed payment issues and tax treatment of fringe benefits

* Self-employment tax issues and pitfalls

* Tax treatment of distributions – cash versus non-cash & liquidating versus non-liquidating

* Sales and liquidations (redemptions) of partnership interests

* §754 optional basis adjustments and mandatory adjustments

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations. 

Course Highlights

This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real world examples, and case studies. Topics include but are not limited to: 

*  Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the NEW Form 7203 – S Corporation Shareholder Stock and Debt Basis Limitations)

*  Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return

*  The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)

*  How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners

*  Compare the tax treatment of the sale of a shareholder’s stock in a S corporation and a partner’s interest in a partnership

*  What constitutes debt basis for a S corporation shareholder under the final regulations

*  The tax ramifications of repaying loans to S corporation shareholders and on open account debt

*  How recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk