CPE Course 1040 Workshop for Experienced Preparers

Objective

Highlights

Topics include a discussion of the changes made by the TCJA and recent tax legislation such as modifications to the net operating loss deduction in Section 172, modification of the limitation on excess business losses for taxpayers other than C corporations in Section 461(l), modifications of limitations on business interest in Section 163(j), Secure/CARES Act changes in the retirement area; credits for COVID-19 for self-employed individuals; the impact of PPP loan forgiveness on self-employed individuals; the up to 20% section 199A deduction for qualified business income and Forms 8995 & 8995-A; modification of deduction for home mortgage interest, SALT and state income tax refunds, and new charitable contribution rules; expansion of section 179 expensing; 100% bonus depreciation for property acquired and placed in service after 09/27/17; treatment of leasehold improvements and technical amendments regarding QIP property; modification of depreciation limits for luxury autos; small business accounting method reform and simplification including the expensing of inventory and a possible change to the cash method of accounting; real estate professionals; and much more.

Instructors

Mr. Peter A. Birkholz MST

Prerequisites

Developer

Boston Tax Institute

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