Course Detail

2020 Federal Tax Update with Don Farmer, CPA

Description:

To review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest impact on participants, clients, and companies. The course will emphasize 2020 developments including recent developments and planning ideas regarding the Secure Act, the Taxpayer First Act, the Tax Cuts and Jobs Act (TCJA), and any 2020 legislation. This course includes a 200+ page reference manual. The seminar is designed to update participants concerning 2020 tax developments emphasizing practical solutions to problems and tax planning opportunities.

Highlights:

The seminar includes:

  1. A review of the latest developments and guidance for important TCJA provisions, such as the: 20% '199A deduction; 100% '168(k) depreciation deduction; final 2020 §163(j) regulations limiting the business interest expense deduction; accounting method changes for small businesses; individual excess loss provisions; final Qualified Opportunity Fund regulations and more
  2. Review of SECURE Act provisions first effective in 2020, including new contribution and distribution rules for IRAs and qualified plans
  3. Releases regarding the Taxpayer First Act;
  4. A review of any other significant 2020 tax legislation;
  5. Proposed regulations for determining when contributions to charitable organizations are deductible as trade or business expenses; and
  6. New tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses. The presentation will emphasize tax planning opportunities resulting from these recent developments.

The course material also includes:

  • A checklist of developments first effective in 2020
  • A checklist of expiring and/or recently expired tax provisions
  • Selected new or modified Federal tax forms for 2020
  • Practical planning ideas for businesses and individuals

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Objectives:

In this course, we review current year developments and planning ideas affecting individual, corporate and business income taxation using a combination of humor and examples. We will emphasize all major new tax legislation as well as other significant tax developments that affect 2020 tax return preparation and 2020 tax planning for individuals, corporations, and non-corporate businesses.<?xml:namespace prefix="o" />

The course format is designed to update CPAs with various levels of experience.

Prerequisites:

 

Notes:

 

Designed For:

Individuals having one or more Tax Seasons and a general understanding of individual, corporate and business income taxation who are involved in the preparation and/or review of individual, corporate and business income tax returns or who provide tax planning advice to individuals and businesses.

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