With the increasing complexity and ever-changing nature of tax laws and issues, today's accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses and their owners.
Learning Objectives
Once participants have completed this session they should be able to: Understand the major Federal income tax laws impacting individuals, C and S corporations, partnerships, LLCs and LLPs Identify new legislation, court cases and IRS guidance affecting individual and business income tax returns
Major Topics
This fast-paced session is a comprehensive review of newly enacted tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures and private letter rulings affecting individuals and businesses. Each participant will receive a comprehensive manual with the hottest tax topics including the Phoenix Beach Quick Reference Chart. Topics include but are not limited to: New guidance on the individual and business provisions enacted by the Affordable Care Act (ACA) including: o Market reform provisions applicable to group (i.e. 2 or more employees) health plans in order to avoid potential excise tax of $36,500/year/employee for non-compliance o The shared responsibility excise tax penalty for large employers (i.e. 50 or more employees) under IRC 4980H o Shared responsibility payment penalty (i.e. individual health insurance mandate) under IRC 5000A and premium assistance credit (IRC 36B) o 3.8% net investment income tax and additional 0.9% Medicare tax on high income wages and self-employment income Review any other income tax changes with respect to: o income, long-term capital gain tax and dividend tax rates o depreciation and 179 expense o retirement plan and IRA contributions, distributions and rollover rules o alternative minimum tax (AMT) Discuss other important IRS audit areas such as: o basis and at-risk limitations for S shareholders and partners o passive activity losses and real estate professionals o self-employment taxes
