Instructor: Paul La Monaca, CPA, MST

Course Description: This course reviews the individual Form 1040 tax implications enacted by the TCJA. Tax Professionals will be introduced to the tax planning opportunities that are needed during the temporary period of 2018-2025. The course will discuss the need to review transactions which will provide clients knowledge and understanding of deferral and exclusion transactions from gross income. In addition the course will review the Tax Policy benefits of the temporary suspension of some popular provisions that individual taxpayers thought they couldn’t live without.

Learning Objectives: At the completion of the session, the participants will be better equipped to discuss the benefits, burdens and challenges of the TCJA with their Form 1040 clients.

Instructor: Paul La Monaca, CPA, MST

Course Description:This course reviews the federal tax issues of operating a small business as a sole-proprietorship and the results experienced due to the TCJA creation of §199A. The course will discuss the benefits and burdens of filing a Schedule C and the calculation of the §199A QBI deduction and the planning opportunities needed to qualify for the 20% deduction. The course will also discuss compliance issues of a sole-proprietorship and will review qualifications of a Specified Service Trade or Business for purposes of the §199A QBI deduction. It will also discuss the requirements of the wage and qualified property investments when taxable income is greater than the annual threshold amount based on filing status of the taxpayer.

Learning Objectives: At the completion of the class, the participants will have a better understanding of the §199A QBI calculations and be better equipped to discuss the needed planning goals of the clients who operate as a sole-proprietorship.

Instructor: Nina Tross, EA, MBA

Course Description: During this course we will cover the paradox of an illegal activity at the federal level and the ever-increasing number of states legalizing the sale of both medicinal and recreational drugs. We will look at the official IRS position on the business deductions allowable and filing of tax returns. From banking concerns to IRC Section 280E (which prohibits businesses from taking tax deductions or credits related to illegal activities), to state rules and regulations we will explore the challenges to the tax professional with clients in this industry. There is sufficient tax law to review that addresses the challenges of working in the industry and filing an accurate tax return.

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

• Identify the tax regulations that impact the specific activities of a client in this industry
• Prepare an accurate tax return based on the applicable code provisions and case law
• Understand the risks in working with a client in this industry
• Differentiate the tax filing for federal tax purposes and state requirements