The most comprehensive tax reform since the mid-1980s has been ushered in under The Tax Cuts & Jobs Act, and new tax brackets take effect in 2018. The standard deduction will see increased utilization, and the personal exemption is gone – just as the long-outlawed practice of deducting credit card interest has disappeared. These are just a few of the changes that will affect your clients this coming season, and they will look to you to understand the issues and develop a plan that serves their best interests.
In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major trends on the horizon with a view toward planning. Individual, partnership and corporate taxation, as altered by tax reform, will be included.
• New loss limitation rules applicable to NOLs and the ability to offset income.
• Reformed child tax credit.
• Revised home mortgage interest deduction.
• Treatment of state and local taxes.
• Repeal of itemized deductions previously subject to 2% AGI floor.
• Survival of individual AMT with increased exemptions.
• Reduction to 7.5% floor for medical itemized deductions in 2017 and 2018 only.
• IRA recharacterization limits.
• Monumental changes to the treatment of alimony for both payor and payee.
• Section 1031 like-kind exchanges.
• Carried interest.
• New deferral possibility for stock options.
• Reduction in the corporate tax rate.
• Corporate AMT repeal.
• New bonus depreciation rules and expansion of §179.
• Expansion of number of taxpayers able to use the cash method of accounting.
• 30% business interest limitation.
• New rules on entertainment expenses, including meals.
• New business credit for wages paid due to family and medical leave.
• Doubling of estate and gift tax exemption to $22.36M for a married couple.
• Comprehensive coverage of the emerging flagship item of tax reform, §199A and its alteration of pass-through taxation and planning.
• Relevant state domicile issues, which are quickly becoming a new source of practitioner profit.
• Review of pertinent cases and rulings affecting taxpayers.
• Practice aids, including all the numbers applicable for the current year: -- inflation-adjusted amounts, mileage rates, retirement contributions, and more.
• The latest issues related to any other late-breaking tax law changes.
• Review the latest pending and enacted tax law changes.
• Identify strategies and techniques to use in light of tax changes.
• Discuss current cases and rulings affecting individuals and businesses.
Presenter: Robert Lickwar, CPA
Bob has more than 30 years of experience as a practicing CPA, and has worked exclusively with privately held businesses and owners to provide compliance services and sophisticated tax planning strategies including like-kind exchanges, tax efficient workouts and restructurings, reorganizations and estate planning services. He has assisted the firm's clients in the development of tax-favored and other retirement plans, and has worked with the firm's partners in developing tax efficient succession transitions, including acquisitions and sales of businesses. He also has extensive experience in dealing with tax authorities at both the federal and state levels.
Registration: 8:30am - 9:00am
Seminar: 9:00am - 5:00pm
CPE Credits: 8
Field of Study: Taxes
Level of Knowledge: Basic
Delivery Method: In-Person Group Session
These are live-group seminars. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Jason McKeever at 701.476.8773.