Federal Tax Update-Business

Product Description

2020 has seen the year-end 2019 Secure Act, the March 2020 FFCRV Act, the March 2020 CARES Act, the June 2020 PPPFA and numerous rulings and court cases. Don't worry, we've got you covered! New this year are hundreds of hyperlinks to the 100% free online tax research product at MyTaxDesk, so you don't even have to worry about your research library and finding the citation!

• We start the day with an in-depth discussion, explanation and example forms for the PPP loan forgiveness rules, including tax reporting and Forms 3508 and 3508 EZ, expense adjustments and all of the latest SBA and IRS guidance including major changes up to the day before your class!
• We then move to the payroll-related changes and again discuss, in depth with examples:
o The Paid Sick Leave Program and credit
o The new FMLA rules and credit
o The new Employee Retention Credit
o Disaster Relief Payments
o New Form 1099-NEC replacing the 1099-MISC
o Court cases on employee v. Independent Contractor
• Next are the general business changes
o Excess business loss changes
o New business interest rules with examples
o New court cases on business and hobby losses
o New Regulations (again!) on meals and entertainment deductions
o Quick review of other changes in credits, fringe benefits, health care and pensions
• Partnerships once again have seen lots of changes and we provide the latest guidance on:
o Tax basis capital reporting
o New and revised 1065 schedules and forms
o Late filing penalty relief
o CPAR interpretations
• Accounting methods-In Depth
o New rules on inventory
o Completed Forms 3115 for 4 different situational accounting method changes
• The QBI deduction's latest guidance
• Corporations:
o C Corporate changes from the CARES Act
o Potential 2021 changes after the election
o S Terminations and new K-1's
o Net operating losses under CARES
• Depreciation-the new QIP rules and fixes
• Tax exempt reporting clarification
And, we will have special coverage of post-election changes if they occur!