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Tax Planning Under Tax Cuts & Job Act - 10 Tips to Reduce Taxes for Your Clients (Latest 2020)

  • AFSP
  • CPA (CA)
  • CPA (US)
  • EA
  • Tax Preparer
  • ORTP
  • CRTP

Published: July, 2020

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Effective Dates for Individual Provisions
    17 mins
  • Overall Changes
    24 mins
  • Exemption Changes
    47 mins
  • Tax Credit Changes
    66 mins
  • Other Individual Changes
    69 mins
  • What Did Not Change
    74 mins
  • Corporate Tax Changes
    84 mins
  • Business Deductions
    87 mins

Course Description

On March 27, President Trump signed into law a massive bill, the Corona virus Aid, Relief, and Economic Security Act (CARES Act or Act), which is a $2 trillion relief package comprising a combination of tax provisions and other stimulus measures. The Act broadly provides tax payment relief and significant business incentives, and makes certain technical corrections to the 2017 Tax Cuts and Jobs Act (TCJA).  The Act included numerous key business tax relief provisions intended to ease the financial burden on many companies affected by COVID-19.

The CARES Act’s main feature was the PPP Loans that offered forgiveness for many people who took out these loans. However, the CARES Act has several business tax provisions that can help clients generate tax refunds all the way back to 2013. These tax changes brought about a handful of very detailed and complex IRS notices to help people discern and properly interpret the new laws. We will be doing an in-depth look at each tax provision and the related notices and rules the IRS has issued to properly calculate and amend client tax returns to get them the biggest bang for their buck. Outside of the Federal rules, we also have state issues where not all states have conformed to the rules set forth by Congress. We will look at what to do in such situations and help to get state returns out correctly. This is even more important now as states are short on funds and scrutinizing returns more.

Learning Objectives

  • To identify key tax provisions of the CARES Act
  • To identify the underlying notices and rule making related to the CARES Act provisions
  • To identify various ways of applying these new rules to client returns
  • To identify when state issues may arise related to the CARES Act
  • To identify how to successfully process state returns to include CARES Act amendments Type a message

Who Should Attend?

  • Accountant
  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0198)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 2 CE Credit of Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00186-20-S)
  • 2 CE Credit for Oregon Registered Tax Preparers (ORTP)
  • 2 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-U-00186-20-S)
  • 2 CE Credit of Federal Tax Update for Tax Professionals (Approval No. GEHNZ-U-00186-20-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).


Faq

FAQs content

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Ratings and Review

4.6

9 Ratings

Excellent

5

Very Good

4

Average

0

Poor

0

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EC

Eric Collins, CPA (US)

Dec 21st, 2020

Job well done

SS

Stefanie Steinhofer, ACCT/BK, EA

Dec 19th, 2020

The shared stories and personal experience of the instructor are super helpful and insightful.

WD

William Deloach, EA

Dec 12th, 2020

covered the subject matter