The Tax Cuts and Jobs Act of 2017 completely changes the landscape of tax preparation for independently practicing firms. With over 80 percent of currently-filed itemized 1040s disappearing in 2018 with the new tax changes, 1040 preparation services must change and adapt to recoup possible revenue losses in 1040 preparation AND increase revenues with new and improved client services. This seminar covers all the federal individual and business tax changes and how they impact your clients in the coming year. He also shows how the new act opens multiple doors of opportunity to refine your services and seize revenue opportunities. Areas covered include:
The new tax brackets and rates: analysis and comparison to 2017 levels; handling clients near the cutoffs, and planning options to minimize tax exposure.
Estate tax changes and their impact on current estate plans.
Changes in the child tax credit.
Handling the student loan interest deduction and discharging student loan indebtedness.
Changes in handling Section 529 plans.
Analysis of changes in itemized deductions, including state and local taxes, medical expenses, charitable contributions, mortgage interest, casualty losses, wagering losses, teacher expenses, bicycle commuting reimbursement, moving expense reimbursements, alimony, and more.
Handling IRA recharacterizations: the new conversion rules and planning options.
Plan loan offsets: new definitions, rollover rules, and offset amounts change the options.
Healthcare penalties are repealed for 2019 and other developments.
Businesses and Corporations:
Analysis of the new tax rates and calculating their impact on client businesses.
Changes in the Alternative Minimum Tax bring big savings.
Changes in Pass-through businesses and the planning/tax minimization options.
Changes in carried interest, domestic production activities deduction (DPAD), and like-kind exchanges brings big changes and choices.
Handling net operating losses and excess business losses: more tax minimization options.
Changes in Section 179 expensing expands and so do clients options in writing off expenses.
New bonus depreciation rates and important repeals.
Changes in vehicle depreciation rules and entertainment expenses affect recordkeeping.
New rules for technical termination of partnerships.
MTAP Active Member $219
MTAP Associate Member $209
MTAP Member Employee $246 *
Non-Member $319 **
* Rate includes MTAP Associate membership good through 9-30-2019 (provides instant discounts to upcoming MTAP events in October and November, 2018 and any 2019 events through 9-30-2019!)
** With registrant's request, this rate includes MTAP Active membership good through 9-30-2019 (provides instant discounts to upcoming MTAP's events in October and November, 2018 and any 2019 events through 9-30-2019!). Registrant may opt to pay non-member fee and refuse membership.