Description
Gain insight into tax planning issues that now apply to individuals and businesses, including changes in passthrough income and corporate tax rates, and how to manage the costs and benefits of new tax law issues.
U.S. taxpayers are still learning about changes in tax strategies due to recent U.S. tax reform under the Tax Cuts and Jobs Act of 2017 (TCJA). Many aspects of tax planning and preparation have changed for all taxpayers for the first time in more than thirty years since the 1986 Tax Act. This topic will provide you with an overview of the tax planning issues that now apply to individuals and businesses, including changes in passthrough income and corporate tax rates, and how to manage the costs and benefits of new tax law issues. The range of topics will include new limitations on itemized deductions and choices to structure and plan for your business entity.
Date: 2019-11-22 Start Time: End Time:
Learning Objectives
Identifying Individual Income Tax Benefits
• New Issues for Employees and Contractors
• Investment Benefits and Alternatives
• Capital Gains and Dividend Rates
• Retirement and Taxable Benefits
• Tax Deferral Benefits and Elections
Identifying Business Income Tax Benefits
• New Tax Rates for Business Entities
• New Tax Deduction for Flow-Through Business
• Depreciation Alternatives and Tax Elections
• Real Property and Personal Property Issues
• New Rules on Claiming Business Losses
• Foreign Income Reporting Issues
Tax Planning Update and Tax Reform Issues
• Itemized Deductions and Limitations
• Individual Tax Deductions and Credits
• Alternative Minimum Tax (AMT) and NIIT Update
• Retirement Planning and Payroll Taxes
• Business Spending and Benefits for Employees
Top Issues for Year End Planning Strategies
• Managing Level of Income for More Benefits
• Claiming Losses for Past/Future Benefits
• Timing and Reporting of Income Under Cash Method
• Claiming Excess Deductions and Credits
• Home Office Deductions and Limitations
• Capital Gains and Losses Planning
Thomas M. Kosinski, C.P.A., M.S.T.-Ostrow Reisin Berk & Abrams, Ltd.
