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Reconciliation Bill Passed - Things You need to Know

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer

Published: January, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Reconciliation bill
    3 mins
  • Net investment income tax expansion
    11 mins
  • Large retirement account balances
    20 mins
  • Corporate tax rate
    31 mins
  • Large retirement account balances
    36 mins

Course Description

The reconciliation bill, also known as Build Back Better, was originally meant to be passed alongside the infrastructure package, but as the pressure built, congressional Democrats ultimately decided to advance the infrastructure bill without the reconciliation bill earlier this month of November.

Still in contention before the Senate can vote on the Build Back Better bill are tax matters, including the state and local tax deduction (SALT) deduction cap and a corporate minimum tax.

Democratic senators are also considering revising the corporate minimum tax. Their proposal would require large companies to pay at least 15 percent of their financial statement profits in taxes even if they have credits or deductions that could cut their tax bill.

This CE/CPE webinar will look at the major tax provisions of the recently passed House Reconciliation Bill.

Several key changes could affect clients now and next filing season. In addition, we will look at the major tax changes that we can expect to see from the bill.

After completing this Tax update CE/CPE course, you'll be able to inform your clients of the major changes and what else to expect going forward.

Learning Objectives

  • To discuss the process the bill still needs to go through to be complete.
  • To analyze the changes in the bill from prior proposals.
  • To inspect major provisions in the Reconciliation Bill.
  • To investigate the impact on IRS funding and client satisfaction from the spending provisions of the bill.
  • To explain to your clients about tax changes and proposed tax changes.

Recommended For

  • This CPE webinar is recommended for Tax partners, managers, and staff, CPAs, enrolled agents, tax return preparers, tax attorneys, and other practitioners who want to advise businesses and individuals with different tax implications of the Reconciliation Bill.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Law Update for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0740)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00796-21-S)
  • 1 CE Credit of Federal Tax Update for Tax Professionals (Approval No. GEHNZ-U-00796-21-S)
  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-U-00796-21-S)

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA) Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

About Company

Nicholas Preusch

yhbcpa.com/

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).


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