The coming year promises plenty of challenges and opportunities for individual and business tax clients. Single party control of the presidency and both chambers of Congress has paved the way for the most unimpeded path to a major tax bill in many years. The Affordable Care Act (ACA) tax compliance provisions continue to confound employers, while at the same time the potential for significant revisions or even repeal looms. Renewed enforcement of the 100-percent penalty for trust fund taxes looms for all employer advisors. These penalties can be catastrophic, and particular attention should be paid to them. In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and changes in the case law. Substantiation of charitable deductions is also quickly becoming an audit hotbed for the IRS, and these oftenmisunderstood rules are explained at length with a view toward planning.
Learning Objectives
- Understand the latest pending and enacted tax law changes
- Understand strategies and techniques for individuals to use in light of tax changes
- Understand current cases and rulings affecting individuals and businesses
Major Topics
- Update on proposed and potential tax law changes from the presidential administration and Congress
- Update on major enacted tax law changes, including the status of DOL overtime rule changes, the new partnership audit rules, Social Security, and more
- Health care reform: where are we and where may we be going?
- Recent developments with business entities, including C corporations, S corporations, partnerships, and limited liability companies
- Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more
- Advanced practitioner issues
- Review of pertinent cases and rulings regarding exclusions, character issues, retirement plans, travel and other items affecting your individual taxpayers
- The latest on depreciation and safe harbor expensing options
- The latest issues related to passive activities, substantiation and any other late-breaking tax law changes
- Retirement plan mistakes not to make
