Atlantic City Tax Forums Sessions

No matter where you are in your career, our Tax Forums offer many sessions to meet your needs and your clients’ expectations. Our robust courses are led by superior instructors who care about your professional success and your clients’ satisfaction.

View detailed agenda

Gap Protection NATP considers the information presented during this course to be timely and accurate; however, it is likely that additional guidance for this topic is forthcoming. Don’t worry! You’ll be provided with additional updates to cover the information gap, so that you are properly prepared for the 2019 filing season.

Event Schedule

Classes each day will be from 7:45 a.m. – 5:15 p.m. There will be a lunch break from 12:05 p.m. – 1:45 p.m.

Event Sessions

Below you’ll find information about the courses offered at this year’s Tax Forums. To attend the courses of most interest to you, simply scan your badge during the designated session times. No registration required for individual courses.

Basic

Intermediate

Update

Ethics

Registration includes access to on-demand webinar to earn 2 Ethics CPE! Event includes a total of 18 CPE! (Ethics credit does not qualify for CFP Board.)

Session Details

Amending a Substitute Return

U.S. citizens are taxed on worldwide income. When a taxpayer fails to file an income tax return, the IRS will file a substitute return based on the income information returns submitted by a third-party. The individual taxpayer or business is then assessed tax on the gross income reported, with only the allowance for a standard deduction as a single individual with no dependents. Often, this is not an accurate interpretation of the taxpayer’s situation. Filing an original return for the taxpayer is discussed during this session along with how to be an advocate for the nonfiler when working with collections or an IRS agent.

Objectives
  • Identify situations when a substitute return has been filed.
  • Interpret the information on a substitute return when working with an agent.
  • Determine when an original return should be filed.
  • Recognize allowed deductions that are not reported on a substitute return.
Other Details

Instructor: Jaye Tritz, EA, CFP®
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Basics of Partnership K-1

Taxpayers who are partners in partnerships (or members in LLCs taxed as partnerships) should receive a Schedule K-1 (Form 1065). The information reported flows through to the individual’s return. We will review a Schedule K-1 (Form 1065) and determine where to report the information on the partner’s individual Form 1040.

Objectives
  • Describe the various items reported on Schedule K-1.
  • Correctly report Schedule K-1 information on the partner's return.
Other Details

Instructor: Kathryn M. Keane, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Current Developments – Business

Delve into the new tax laws and how they will impact tax returns for various small business entities. We will also explore expiring provisions and how to assist your business clients to plan their tax strategies for the coming tax season.

Objectives
  • Identify expiring tax provisions.
  • Explore new tax laws to determine their impact on small business.
  • Assimilate the tax law changes into tax strategy and planning.
Other Details

Instructor: Randy Lawshé, EA
Level: Update
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & IRS - Federal Tax Law Update; CTEC - Federal Tax Law Update; NASBA - Taxes; CFP Board

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Current Developments – Individual

We will explore the latest tax law changes regarding the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018. Additionally, we will review revenue rulings and other guidance that has been issued since those legislative acts.

Objectives
  • Review the latest legislative changes to the tax laws.
  • Explore impact and identify issues relating to tax planning.
Other Details

Instructor: Randy Lawshé, EA
Level: Update
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Update; CTEC - Federal Tax Law Update; NASBA - Taxes; CFP Board

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Depreciation and Bonus Depreciation

Many, if not all, businesses purchase assets that are used in their trade or business. The cost of these assets is recovered through depreciation, an annual allowance for the wear and tear, deterioration or obsolescence of the asset. This session will help you understand the general tax depreciation rules and how to apply those rules to your clients.

Objectives
  • Identify depreciable property.
  • Distinguish methods of depreciation.
  • Compare and contrast bonus and §179 depreciation deductions.
  • Select the correct method of depreciation for an asset.
  • Determine the class life of an asset.
  • Summarize the special rules for listed assets.
  • Summarize the special rules for depreciation of vehicles.
Other Details

Instructor: Cheryl Morse, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Divorce and the Changes to Alimony

There are many considerations in dealing with the divorced, divorcing, or never married client; and each situation is unique. One of the more challenging life events a tax professional encounters is the dividing of a household and applying the tax laws appropriately, while ensuring we do not run afoul of Circular 230. The division may be in the “straightforward” form of divorce, or in a more complicated division of tax benefits for those who have never married. The Tax Cuts and Jobs Act, signed December 22, 2017, changes the weight of some decisions, and we need to look at our advice with fresh eyes. The deductions and credits may be the same, but do you know the rules are different for those who are divorced and those who did not marry? We will learn about the proper filing status, those different rules for credits and deductions for the single vs. divorced client, the notable changes to alimony deductibility, transfers of assets; and we will discuss whether, when, and how to handle the inherent conflict of interest in such situations.

Objectives
  • Determine if a payment is considered alimony.
  • Understand when alimony is taxable and deductible, or not considered.
  • Describe joint and several liability and possibilities to divide tax obligations.
  • Compute taxability, if any, upon the transfer of assets.
  • Evaluate whether a conflict of interest exists, whether both parties should continue to be represented, and what the preparer should do to protect himself and his clients.
Other Details

Instructor: Cheryl Morse, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Employer Stock Options

Many companies use stock incentives to attract and retain employees. The incentives may be options to buy company stock at a discounted or set price or may be an outright grant of stock to employees. We will look at the various types of stock incentives commonly encountered including:

  • Incentive Stock Options (ISO's)
  • Employee Stock Purchase Plans (ESPP's)
  • Nonqualified Stock Options (NQSO's)
  • Restricted Stock Units (RSU's)
Objectives
  • Identify the type of equity compensation.
  • Determine if there is taxable income in the current year.
  • Correctly report the income as ordinary or capital gain income.
  • Calculate the cost basis of stock sold.
  • Make accurate AMT adjustments.
Other Details

Instructor: Jaye Tritz, EA, CFP®
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Late S Corporation Guidance

Clients often come into your office and tell you their business is an S corporation. However, when you start to prepare the return, you find out they never filed a valid S election or it was never approved. Other clients may have just started a new business and you decide it would be best for them to be taxed as an S corporation. However, a timely-filed S election has not been made. This course will help you determine if you can file a late S election for your client, and will describe the proper procedure for making a late S election.

Objectives
  • Identify when the S election is due for new and existing corporations or limited liability companies.
  • Determine if the entity is eligible to file a late S election.
  • Summarize the filing requirements (procedure) for making a late S election.
  • Make a late S election by accurately completing Form 2553, Election by a Small Business Corporation.
Other Details

Instructor: Les Marti, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Mortgage Interest Rules Under the New Tax Law

Deductibility of mortgage interest has been limited since 1987 however, most people, preparers included, have not considered the limitations. If an amount was on a 1098, it was claimed as mortgage interest. Unfortunately, this is not always the correct amount allowed as a deduction. It became clear in the recent housing crisis that many taxpayers were using their homes as piggy banks and improperly deducting all the mortgage interest paid on the loans secured by their home. Starting in 2016, additional information became available on Form 1098 to help properly determine deductible interest. The new tax law further limits mortgage interest deductibility, which will bring in a whole host of new challenges with taxpayers.

We’ll review what qualifies as deductible mortgage interest before Dec. 31, 2017 and the new limits as of Jan. 1, 2018. Possible solutions to client issues will be introduced such as interest tracing rules and related elections.

Objectives
  • Explain the rules concerning deductible mortgage interest.
  • Apply the rules for qualifying mortgage interest.
  • Calculate the allowable mortgage interest deduction.
  • Assess whether mortgage interest may qualify as another type of deductible interest (business, student loan, rental property).
  • Explain this information to taxpayers.
Other Details

Instructor: Laura Strombom, EA, MBA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Multi-level Marketing Activities — Business or Hobby

Every year, hundreds of thousands, maybe even millions, of taxpayers enter the world of direct sales/multi-level marketing/network marketing. These taxpayers often see these activities as legitimate business enterprises, but tax law and the facts often say otherwise. Though taxpayers may disagree, oftentimes these activities are hobbies.

We’ll review the differences between a hobby and a business, specifically regarding a direct sales activity. Learn how to report the activity on a tax return, whether as a business or as a hobby. Recent tax court cases regarding this industry will be reviewed.

Objectives
  • Identify the nine hobby loss rules.
  • Interpret the hobby loss rules regarding direct sales.
  • Define the requirements for a business.
  • Critique the relevant facts and circumstances of the activity to determine hobby or business.
  • Prepare a tax return for a direct sales activity if a hobby or a business.
Other Details

Instructor: Laura Strombom, EA, MBA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Nondeductible IRA Reporting

No one wants to pay more taxes than are legitimately owed. Forms 8606 and 5329 communicate a variety of information to the IRS to ensure that taxpayers pay the appropriate amount of tax on distributions from their retirement accounts. Form 8606 must be filed when nondeductible contributions are made to various retirement plans and again when distributions occur from accounts with a cost basis. Form 5329 must be filed when early distributions are taken from retirement accounts. Understanding when Form 5329 is needed is critical in ensuring that tax obligations are met. Equally important is understanding when to use Form 5329 to help clients avoid paying unnecessary penalties.

Objectives
  • Examine nondeductible contributions made to traditional IRA’s.
  • Discuss distributions from accounts that have had nondeductible contributions and the importance of the IRA aggregation rule.
  • Assess conversions from traditional to Roth IRAs including the Back Door Roth IRA.
  • Review distributions from Roth IRAs.
  • Discuss exceptions to the 10% penalty from traditional IRA’s, Roth IRA’s, and qualified plans.
Other Details

Instructor: Jaye Tritz, EA, CFP®
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Reporting Publicly Traded Partnerships

Publicly traded partnerships (PTPs) are a popular vehicle for gas and energy investments. Investors buy and sell these just like stocks, often through brokers. These investments do not just report on the brokerage statements. Because the investor is a partner in the partnership, the taxpayer will also get a K-1. These investments require special treatment for tax reporting. Specific passive activity loss limitation rules, calculations for basis and sales treatments are some of the complexities related to these investments.

We’ll review what a publicly traded partnership is and how to report K-1 information in years of ownership, track basis, and report in year of sale

Objectives
  • Identify a PTP K-1.
  • Apply the information on a PTP K-1 to a tax return.
  • Calculate current year income or loss.
  • Assess characterization of gains or losses in year of sale.
Other Details

Instructor: Laura Strombom, EA, MBA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Representing Today’s Client

This program will explain the ins-and-outs of what practitioners need to know when representing a client before the IRS today. Everything from your agreement with the client, your power-of-attorney, the ethical considerations through the representation process itself will be covered. Along the way we will cover hints and tips to make your representation more effective and more profitable.

Objectives
  • Identify the various ways taxpayers need to be represented before the IRS.
  • Explain the issues practitioners should consider before agreeing to represent a taxpayer.
  • Understand the various processes for representing taxpayers.
Other Details

Instructor: Les Marti, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Revoking an S Election Under the New Tax Law

With the Tax Cuts and Jobs Act reducing the highest corporate tax rate to 21% for tax years beginning in 2018, it may be more beneficial for an S corporation to revoke its S election and be taxed as a C corporation instead. We’ll analyze the pros and cons of revoking the S election, when the revocation should be effective, and how to make the revocation.

Objectives
  • Summarize the tax consequences of revoking an S election.
  • Apply new provisions in the Tax Cuts and Jobs Act after revoking the S election.
  • Identify the due date for voluntarily revoking an S election.
  • Outline the procedure to properly revoke the S election.
Other Details

Instructor: Les Marti, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Selecting the Correct Business Entity

With the recent changes in tax laws, our clients may need an “overhaul” in their strategy, whether they are currently in business or are in the process of investigating a new opportunity. In this session, we will review the basic criteria for each entity type, and identify areas that the new tax laws may impact their decision. Additionally, we will review a basic tax return for each entity to compare the tax implications for each.

Objectives
  • Review the legal characteristics of business entities.
  • Compare the tax impact of new legislation on each entity type.
  • Compare a comprehensive example for each entity to identify tax implications.
Other Details

Instructor: Randy Lawshé, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Standard Deduction Impact on Noncustodial Parent

We’ll compare and contrast old and new law and determine what these changes mean to taxpayers. The Tax Cut and Jobs Act increased the standard deduction and eliminated the exemption deduction. The deductions and credits may be the same, but do you know the rules are different for those who are divorced and those who did not marry? We will look at the rules in relation to the claiming of a child by the custodial or noncustodial parent under the prior rules, as well as review any impact on filing status and what this means for your client for tax year 2018 and beyond.

Objectives
  • Distinguish between joint custody and the custodial parent for tax purposes.
  • Apply the “divorced parent” rules and understand when they do NOT apply.
  • Review the rule regarding itemizing of deduction for separated couples.
  • See how the change in the standard deduction affects the noncustodial parent claiming the child as a dependent.
  • Compare the prior rule with the new legislation through examples.
Other Details

Instructor: Cheryl Morse, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Tax Basis and At-Risk Loss Limitations

Both basis and at-risk limitations affect a taxpayer regardless of whether the loss was from a Schedule C, partnership interest or an S corporation allocated pass-through activity. The effect of both the basis and at-risk limitations is to limit the deductible loss from an at-risk activity; these limitations do not apply if the activity is profitable. While the basis limitations do not apply to all activities the at-risk limitations do.

Objectives
  • Identify at-risk loss limitations that apply to sole proprietors.
  • Calculate a shareholder’s stock and debt basis.
  • Calculate a shareholder’s at-risk basis.
  • Identify basis, and at-risk loss limitations that apply to a shareholder.
  • Calculate a partner’s basis and debt basis in partnership interest.
  • Determine the partner’ basis, at-risk loss limitations.
Other Details

Instructor: Kathryn M. Keane, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Tax Cuts and Jobs Act Update

The Tax Cuts & Jobs Act was signed into law December 22, 2017. This tax bill is very complex and contains some of the most sweeping tax law changes in several years. We will analyze the significant changes with Schedule A for individuals and QBI, Qualified Business Income, for businesses.

Objectives
  • Discuss the expanded standard deduction amounts and itemized deductions that remain under the new bill.
  • Review miscellaneous itemized deductions that are no longer deductible and potential tax consequences.
  • Review the expanded Due Diligence requirements to include head of household status.
  • Discuss the child tax credit revisions to include the higher credit amount and larger phase-out thresholds.
  • Analyze the gambling loss limitation and revised potential deductions.
  • Review the Alternative Minimum tax (AMT) rules with the enhanced phase-out thresholds.
  • Discuss the enhanced exclusion amounts for estate and gift taxes after 12-31-17 and before 1-1-26.
  • Analyze the new 21% flat corporate tax rate.
  • Discuss the new 20% deduction for (QBI) qualified business income under Code Section 199A.
  • Identify some tax planning strategies for taxpayers to benefit under the new laws.
Other Details

Instructor: Steve O'Rourke, EA
Level: Update
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Update; CTEC - Federal Tax Law Update; NASBA - Taxes; CFP Board

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Tax Planning with 529 Plans

Section 529 plans are growing in popularity. As the cost of college skyrockets, many of our clients look to us, their tax professionals, to help them plan in a tax-sensitive way. Section 529 plans are a useful tool. This session gives you a thorough review of Section 529 plans, including contributions, titling, beneficiaries and distributions.

Objectives
  • List the basic requirements to establish a §529 plan.
  • Analyze the gift tax and estate tax impact of contributing to a §529 plan.
  • Summarize the rollover and direct transfer rules relating to §529 plans.
  • Determine when non-typical distributions are considered qualified.
  • Identify qualified higher educational expenses for §529 plans.
  • Calculate the tax-free and taxable portion of distributions.
  • Properly report the distributions.
Other Details

Instructor: Kathryn M. Keane, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Tax Rules Related to Clergy

Many special rules apply to tax returns of members of the clergy, primarily regarding housing and social security. Clergy traditionally have been thought of as those who serve in traditional faiths, however there are many claiming clergy status for a wide variety of “new” religions. Retired clergy can also still have clergy housing to consider. To complicate matters, many clergy are paid improperly by their employers, or improperly classify their income as business income. Changes in the new tax law will impact clergy returns as many deductions will be potentially lost. Finally, there are battles in the courts to take away the housing benefits. We will review these issues and more and address how to handle various common situations facing your clergy clients.

Objectives
  • Identify a member of clergy
  • Calculate the compensation excludable as housing
  • Apply the impact of tax free housing income to other areas of the return such as deductions and credits.
  • Prepare a proper clergy return, determining where various forms of income are reported.
  • Determine income subject to self-employment tax and calculate the tax.
  • Explain how clergy income should be reported properly.
Other Details

Instructor: Laura Strombom, EA, MBA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Tax Tips for Taxpayers with Dependents with Disabilities

Almost 50 million people in the United States have a disability. We’ll provide the tools all tax professionals should integrate into their basic tax preparation knowledge. Due to the number of households impacted, serving this large percentage of the public is NOT just a "specialized subject" to research as needed. We will cover dependency, filing status, taxable/nontaxable income, long-term care, medical deductions, work expenses, credits, ABLE accounts and more, for those with disabilities from functional to severe.

Objectives
  • Determine filing status for a person with a disability.
  • Distinguish between taxable and non-taxable disability income.
  • Identify special deductions applicable to the disabled.
  • Complete the Dependent Care Credit and Schedule R.
  • Recognize the impact of dependency and deductions upon the disabled taxpayer.
Other Details

Instructor: Cheryl Morse, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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The ABC's of Penalty Abatement

Penalty abatement is one of the most sought-after services by taxpayers and one of the least understood by practitioners. We will walk practitioners through the various penalties, and what the options are for abating those penalties with the IRS. The topics covered will include first-time penalty abatement, reasonable cause, appeals, amending returns, Doubt-as-to-Liability Offers and audit reconsideration. The penalties the IRS can assess are varied and extensive, and as a practitioner, the best opportunity to help your client is by understanding where the opportunities are to seek and obtain penalty relief.

Objectives
  • Understand the various penalties available to the IRS.
  • Understand the various penalties available to the IRS.
  • Identify the issues around seeking penalty abatement for reasonable cause.
Other Details

Instructor: Jaye Tritz, EA, CFP®
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Understanding FBAR Rules

More and more clients are finding themselves in reportable situations relating to foreign accounts. We’ll provide you with the information to properly advise and service your clients in this important area.

Objectives
  • Recognize reportable accounts.
  • Recognize the potential for reportable accounts.
  • Advise clients on their obligations.
  • Understand the penalty structure and advise clients on navigating it.
Other Details

Instructor: Kathryn M. Keane, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Understanding Forms 1099-A & 1099-C

This session will distinguish between Forms 1099-A, Acquisition or Abandonment of Secured Property, and 1099-C, Cancellation of Debt. Each form has very specific criteria regarding how to appropriately handle their information on a tax return. Often a source of confusion, these forms are not always received by the taxpayer on a timely basis, and the taxpayer often receives one or the other, and sometimes both, in the same tax year. You’ll get guidance on the different aspects of each form, as well as the entries required on the return.

Objectives
  • Understand the differences between Forms 1099-A and 1099-C.
  • Distinguish between the criteria of each form and why only one form may be received rather than both for a particular tax year.
  • Identify how information provided may impact the tax payer's tax situation.
  • Learn the appropriate placement of information from the forms onto the tax return.
Other Details

Instructor: Randy Lawshé, EA
Level: Basic
Prerequisites: None
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes

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Understanding the New §199A Deduction

Included in the Tax Cuts & Jobs Act of 2017 is a new deduction that will affect many of our taxpayers. The §199A deduction is being referred to by many as the new 20% deduction. While many know that it is a 20% deduction, few may know what the 20% is based on. We’ll help you identify which of your clients may benefit from this deduction, understand what types of income qualify for the deduction, and learn how to compute the deduction.

Objectives
  • Distinguish between the old §199 (DPAD) and the new §199A deductions.
  • Identify the clients who may benefit from the §199A deduction.
  • Understand what income sources qualify for the §199A deduction.
  • Know where to apply the new deduction.
  • Compute the §199A deduction in the following scenarios.
    • Below the phase-outs.
    • Above the phase-outs.
    • If the client has income from a cooperative.
Other Details

Instructor: Les Marti, EA
Level: Intermediate
Prerequisites: Basic knowledge of federal income taxation
# of CPE: 2 (100 minutes)
Sponsor & Field of Study: IRS - Federal Tax Law Topic; CTEC - Federal Tax Law Topic; NASBA - Taxes; CFP Board

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Participation in these sessions does not require any advanced preparation unless stated. Delivery Method: Group Live

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