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Two Day Annual Income Tax Update Program

NOTE:

In addition to providing 2 hours of IRS ethics, the AITU will focus on individual taxpayers with somewhat less complicated tax situations.

For example, the complexities of the Qualified Business Income deduction for joint filers with taxable income above the $315,000 threshold ($157,500 for others) will not be given much coverage. Likewise the many new rules that affect businesses with average gross receipts in excess of $25 million will only be mentioned for awareness. The textbook will include full coverage of both issues as well as Business Entities, for your reading pleasure.

The Annual Income Tax Update School concentrates on Form 1040 items and includes a 2 hour Ethics presentation which meets IRS requirements (but is not approved for CPAs or CFPs). The school is designed for preparers with intermediate levels of experience and is taught by tax experts. The program will not include Business Partnership, LLC, Corporate, Entity or Estate and Gift Issues. Participants receive the same reference book that is used by over 37,000 tax professionals in 37 other states. The school covers a variety of topics from the reference book and emphasizes practical hands-on experience. The topics covered may include:

      • New Legislation – Business. This chapter covers business tax legislation that was enacted by the Tax Cuts and Jobs Act (TCJA). It is organized by code section to help participants quickly find topics of interest and includes:

        • A summary of each provision
        • Cross-references to other chapters to help participants find further information
        • Effective dates to help participants keep track of when provisions begin and when they expire

        New Legislation – Individual. This chapter covers individual tax legislation that was enacted by the TCJA. It is organized by code section to help participants quickly find topics of interest and includes:

        • A summary of each provision
        • Cross-references to other chapters to help participants find further information
        • Effective dates to help participants keep track of when provisions begin and when they expire

        Rulings and Cases. This chapter summarizes selected rulings and cases that were issued from September 2017 through August 2018 to give participants an update on issues that are being addressed by the IRS and the courts. The rulings and cases are organized under topic headings that match the titles of other chapters.

        Agriculture and Natural Resource Issues. This chapter covers emerging topics that affect farmers and ranchers, including:

        • The new qualified business income (QBI) deduction for cooperatives
        • The depreciation of farm assets, and the new depreciation rules under the TCJA
        • Qualifying a farm lease for the QBI deduction
        • The new excess business loss disallowance rules

        Business Issues. This chapter discusses some of the issues that tax practitioners encounter when they prepare returns for clients who have rental property or operate a business. Topics include:

        • Comprehensive examples that illustrate how to maximize the QBI deduction for a business
        • Employee fringe benefits
        • Calculating the QBI deduction for a real estate investor
        • Flow-through of the QBI deduction to partners and S corporation shareholders
        • New rules that impact micro-breweries, wineries, and distilleries

        Individual Issues. This chapter covers several issues tax practitioners encounter when preparing individual income tax returns, including:

        • The child tax credit and the new tax credit for dependents
        • Tax issues for divorcing spouses, including planning for repeal of the alimony deduction
        • Choice of filing status, and TCJA provisions that may impact how to file
        • Schedule A vs. the standard deduction, including ways to take advantage of charitable and other deductions for the taxpayer who claims the newly increased standard deduction

        IRS Issues. This chapter covers issues the IRS targets as key issues for practitioners. Topics include:

        • Data security, tax scams, and identity theft
        • Passport revocations or denials for delinquent taxpayers
        • The current-status of the IRS, including a review of the challenges the IRS is facing in trying to implement the new legislation

        Ethics
        A comparison of ethics and religions provides a basis for discussing the case studies presented in this chapter.

        Payroll and Estimated Tax. This chapter reviews payroll withholding requirements from the employer’s perspective and discusses estimated tax payments from the employee’s perspective. It includes information on the new wage withholding rules and updated IRS tools to help ensure the correct amount of withholding and estimated tax.

        Retirement and Savings. This chapter covers common retirement tax planning and savings issues including:

        • IRA rollovers, conversions, and recharacterizations
        • Hardship distributions and plan loans
        • New and existing rules for ABLE accounts and Section 529 accounts

        Tax Practice. This chapter contains important tax practices and procedures, including: 

        • When a partnership can and should opt out of the new partnership audit rules
        • IRS liens and levies
        • Collection alternatives such as installment plans and currently not collectible status
        • When the taxpayer owes the IRS interest and when the IRS owes the taxpayer interest
        • Requesting technical advice from the IRS

        Tax Rates and Useful Tables. This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year. It includes information for 2017, 2018, and 2019 to the extent that information is available.

      Continuing Professional Education credits (CPE) are available to qualifying program attendees. See our brochure for additional information.

For more information contact: taxschools@cornell.edu