1040 Workshop for Experienced Preparers

Description:

In addition to the TCJA changes (that all of us are still struggling with), there have been a significant number of important legislative provisions in 2020 that impact the 1040 return. 

This 1040 workshop will cover the 60 plus substantive changes from the 
TCJA forward (872 pages of law briefed) as well as other notable items that affect the preparation of Form 1040.
 
We have spent considerable effort in redesigning the course Workbook to show affected forms, citations, and effective dates plus a brief description of the changes. Also included are useful tables and case studies. There are some deadlines for some of the Retroactive changes.
 
We are very excited about the material that will cover new and old Substantive points which will prepare you for the upcoming Tax Season.

Highlights:

• Deductibility of payroll/nonpayroll costs notwithstanding Rev. Rul. 2020- 27 
• Possible stepped up basis for S stock for forgiven loan proceeds 
• Possible Conversion from C corporation to S corporation status 
• Section 199A - the 20% deduction for qualified business income 
• Changes in methods of accounting after TCJA 
• Prop. Regs. on the expensing of inventory pursuant to section 471(c)(1) (B)(i) and (ii) 
• Secure/CARES Act changes in the retirement area 
• 100% bonus depreciation, section 179 expensing & QIP 
• Net operating losses carried back 5 years 
• Section 1411 (3.8% tax) issues & answers 
• Grouping for purposes of section 469 & 1411 

Objectives:

Provide practitioners with a comprehensive analysis of the  substantive changes to Form 1040 to facilitate correct preparation of returns for 20200 reporting year.  

Prerequisites:

Familiarity with tax regulations and form preparation.

Notes:

Form1040, tax reporting

Category:

TX