Description
This course is essential for the tax practitioner who wants to update their knowledge of business income taxation. This course will provide a comprehensive review of Form 1040 complexities for the 2020 tax year. Included will be a thorough review of all tax codes made by the SECURE Act and the CARES Act.
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Learning Objectives
At the end of this course you will be able to:
Recognize and complete IRS Form 1040 and other business income tax returns for the 2020 tax season
Major Topics
Review of essential IRC Sections
Review of business changes made by the Tax Cuts and Jobs Act of 2017
Review of internal revenue code section 199A (pass-through entities) including an understanding of the newly released IRS guidance
Schedule C and Schedule F issues
Schedule E Issues
Partnership issues
Corporation issues
LLC issues
Special rules for dealing with COVID subsidies
Code Section 461(l) interacts with Section 382 and its carryover rules
Defaulted loans
Bankruptcy issues
COVID-19 related changes in the tax law
The CARES, HEROES, and HEALS acts
Special rules relating to business use of your home
Reporting the conversion of personal use property to business use (part of a residence, furniture, storage, etc.)
Professional Area of Focus
Who Should Attend
CPAs, EAs, and other tax professionals
Instructor(s)
Arthur Werner
Maryland Association of Certified Public Accountants, Inc.
