Tax Update Course Description
This comprehensive federal tax update will cover all new tax legislation, including a
comprehensive review of the changes made by the Tax Cuts and Jobs Act (TCJA), Bipartisan
Budget Act, and Consolidated Appropriations Act. This session will also discuss any changes to the ACA, as well as Qualified Small Employer Health Reimbursement Arrangements. All significant regulations, cases, and rulings in all areas of federal taxation through October 15, 2018 will be covered.
After completing this course, the participant will be able to:
• Discuss the new deduction under §199A of 20% of qualified business income from a qualified trade or business as well as discuss the application to a specified service business, and calculate the deduction based on the client’s taxable income.
• Identify new developments in pension and IRA rules, including re-characterizing a ROTH IRA rollover.
• Discuss whether an S corporation should convert to a C corporation and the application of the new partnership audit rules which are effective in 2018.
• Describe the effect of the TCJA on itemized deductions for an individual, including the limit on deducting taxes and interest on a qualified residence, as well as the enhanced child tax credit and due diligence requirements to file as head of household.
• Examine the new Kiddie Tax calculation.
• Identify the effect of the TCJA on depreciation; bonus depreciation, §179 deduction, and
treatment of qualified improvement property.
• Describe the tax effects of the TCJA on entertainment, travel meals, and business meals.
• Review the tax accounting changes made by the TCJA, including the enhanced use of the cash method for clients with inventory and the automatic method changes discussed in Rev. Proc. 2018-31.
• Discuss the latest changes affecting passive activity losses, including the rules that apply to real estate professionals and the new rules under §461(l), which limit the maximum amount of loss that is deductible for an individual.
• Identify recent developments in employment and self-employment tax, and whether a
member’s share of the income from an LLC is subject to self-employment tax.
• Determine the effect of the TCJA on alimony, child support, dependency exemption, and
• Form 8332 where the custodial parent waives his/her right to claim the dependency exemption.
• Describe the latest developments in IRS procedures and practices, including Circular 230. (One hour of regulatory ethics credit – Federal only; may not be accepted as ethics credit in states that require state-specific ethics content.)
Discuss the recent changes in the estate and gift tax rules.
Presenter: Mark Merric, Master of Taxation, J.D., CPA
Mark is an attorney in Denver and teaches in the Graduate Tax Program at the University of Denver, specializing in international taxation and estate planning. Prior to practicing as an attorney, he worked for Big Five and smaller accounting firms. He is an experienced speaker and has published articles on offshore asset protection, international tax planning, and domestic estate planning.
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.