Course Description: This course reviews federal income tax issues that created surprises and pain discovered during the 2018 filing season. Provisions in the Internal Revenue Code that were unknown or unfamiliar were brought to the forefront and stumped and startled some seasoned Tax Professionals. In addition, the course discusses some terrifying changes that have now arisen due to “The Tax Cuts and Jobs Act”.

Learning Objectives: At the completion of this course, participants will be aware of some federal tax issues and surprises that they were unaware and other items that they thought they were reporting properly. The participants will be better equipped to address issues that they were not familiar or not comfortable with prior to the presentation.

Instructor: Paul La Monaca, CPA, MST

Course Description: This course introduces the Tax Professional to the details of the 2018 Tax Legislation which is the most sweeping reform of the Internal Revenue Code in over 3 decades. The Legislation impacts every individual taxpayer and entity and discovers that there are winners and losers who need to revamp their tax planning strategies for minimizing their federal tax liabilities. Individuals will have some changes imposed on them which are temporary which will sunset after 2025. Businesses will need to determine if their choice of entity for operating their business is still good for their tax situations.

Individual Provisions:

• §1 Tax Rates and Bracket Changes for all taxpayers including Estates and Trusts and the Kiddie Tax
• §24 Child Tax Credit Increases
• §55 AMT for Individuals Increased Exemptions and Tax Basis
• §61 Inclusion of Gross Income
• §63 Standard Deduction Amounts Increase
• §68 Phase-Out of the Overall Itemized Deduction Amounts (PEASE Provision)
• §71 Alimony Income Repeal Issues
• §108 Cancellation of Debt Issues and Allowable Exclusions for Qualified Student Loans
• §132 Employer Moving Expense Reimbursement no Longer Excluded
• §151 Personal and Dependency Exemptions (temporary repeal)
• §163 Changes to Mortgage Interest Deduction on a Qualified Residence
• §164 State and Local Tax Issues (SALT) and Applicable Limitations
• §165 Casualty and Theft Losses except Presidentially Declared Disaster Areas
• §167 Miscellaneous Itemized Deductions Subject to 2% AGI Test Repealed
• §212 Tax Return Preparation Fees no Longer Deductible on Schedule A
• §213 Medical Deductions 7 1/2% AGI Test
• §215 Alimony Deduction Repealed for New or Modified Agreements
• §5000A Shared Responsibility Payment Repeal
• Much, much, more

For businesses, the legislation makes changes pertaining to:

• §11 Changes to the Corporate Tax Rate and the Flat 21% Rate
• §55 Repeal of Corporate AMT
• §61 Inclusion of Gross Income
• §168(k) 100% Bonus Depreciation on Qualified Property
• §172 Net Operation Loss Deduction Issues
• §179 Expense Election Deduction Increased
• §183 Activities-not-for Profit and Hobby Loss Transactions
• §199 Repeal of Domestic Income Production Deduction
• §199A Qualified Business Income Deduction
• §274 Allowance of Meals for the Convenience of the Employer
• §274 Disallowance of Entertainment Expenses
• §274 Listed Property Rules Related on Computers
• §280F Auto Allowance Limitation Issues
• §1031 Like-kind Exchange on Real Estate
• Much, much, more

Learning Objectives: At the completion of this course participants will be able to see and understand the changes and impact of the Legislation as it effects each client. It will allow participants to be better equipped to assist clients in planning and reporting transactions.

Instructor: Paul La Monaca, CPA, MST

Course Description: This course will examine the various business tax entity choices and the federal tax changes which impact the business taxpayer resulting from the 2018 Tax Cuts and Jobs Act.

Learning Objectives: At the completion of this course the Tax Professional will be able to:

• Understand the changes to the federal tax law for the business entity
• Learn the tax effects of the changes in the various business entity types (sole proprietor, partnership, corporation)
• Apply the changes to the business entity based on the specific circumstances for each entity
• Learn how to prepare an accurate tax return for each business entity type under the new tax law changes

Instructor: Nina Tross, MBA, EA