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ACPEN Signature: Planning for Small Businesses after Tax Reform, 11/29/2018 10:00:00 AM EST ( + 8 more) , Live Webcast Replay, More info »
ACPEN Signature:  Planning for Small Businesses after Tax Reform
Live Webcast

ACPEN Signature: Planning for Small Businesses after Tax Reform


Total Credits: 8 including 8 Taxes - Technical



Description

Small Businesses are the “Bread and Butter” of many accounting firm’s practice. On December 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act of 2017 (TCJA) makes small reductions to income tax rates for most individual tax brackets and significantly reduces the income tax rate for corporations. It also provides a large new tax deduction for owners of pass-through entities and significantly increases individual alternative minimum tax (AMT) and estate tax exemptions. It also makes major changes related to the taxation of foreign income.

It’s not all good news for taxpayers, however. The TCJA also eliminates or limits many tax breaks, and much of the tax relief is only temporary.

Join our panel of experts as they navigate the big new changes in Small Business tax planning.

 

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Basic Course Information

Learning Objectives
  • Understand the new changes in partnership tax planning
  • Find out what is new in partnership taxation as of year-end
  • Discuss key components and proposed changes in the area of partnership taxation

Major Subjects

-Choice of Entity after Tax Reform

-Bonus 15-year property and Section 179 Depreciation, Interest Expense Limitations,

-Small Business Rules and Exceptions, Changes in Net Operating Loss Rules, New Excess Loss Limitations & Additional Small Business Impact, including;

  • Bonus Depreciation:  new limits, extended effective dates, qualified property expanded
  • Section 179 limits increased, and eligible property expanded
  • Building improvements eligible for 15-year recovery expanded
  • Other depreciation changes:  residential rental property, annual caps for autos, treatment of computer equipment
  • Interest expense deduction limits and small business exemption
  • NOL deductions limited and carrybacks eliminated
  • Cash basis of accounting liberalized for small business
  • Elimination of IRC §708 partnership technical termination rules
  • New meal & entertainment deduction rules
  • Elimination of employer fringe benefit deductions

-Family Partnerships and Estate Planning After Tax Reform

-Partnership Issues Update                                                                    

  • Update, including repeal of technical terminations,
  • New substantial built in loss rules on transfers of partnership interests,
  • Changes to partnership basis computations, IRC 1061 and holding periods for carried interests, and partnership issue campaigns

-Fun and Games with the199A-Pass Through Entity Deduction                                                     

  • Where new Code Section 199A applies, the taxpayer effectively receives a rate reduction of up to 20%.  However, the rules are complex. And the Treasury Department has issued lengthy proposed regulations with anti-abuse rules.  There are planning opportunities, however.

Course Materials

Faculty

C. Clinton Davis, CPA, JD Related seminars and products: 5

Krage & Janvey, L.L.P.


C. Clinton Davis, JR. practices law in the Dallas, Texas law firm of Krage & Janvey, L.L.P.  He was licensed in Texas in 1982, has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988 and is a member of the College of the State Bar of Texas.  He has also been licensed as a Certified Public Accountant in Texas since 1980 and as an attorney in Florida since 1980.  Mr. Davis attended law school at Southern Methodist University and received his Juris Doctor degree, cum laude, in 1980.  At SMU, Mr. Davis was selected to membership in the Order of the Coif, an honor society limited to graduates in the top 10% of the graduating class.  Mr. Davis received his bachelor of science degree in accounting from Northwestern State University of Louisiana where he graduated first in his class.  Mr. Davis is a frequent speaker at CPE programs and conferences.  He is the author of the TSCPA programs Principles of LLC and Partnership Taxation:  An Introduction to Subchapter K, Navigating the LLC and Partnership Allocation and Basis Minefield, and LLC and Partnership Taxation for the Sophisticated Practitioner. 


Bill H. Wilson, CPA Related seminars and products: 1


Bill Wilson, CPA, is a manager in the Passthrough Entities Practice Area in the Internal Revenue Service’s Large Business and International Division.  He holds a B.S. in Business Administration with a major in accounting from George Mason University in Fairfax, Virginia, and a Master of Taxation degree from Virginia Commonwealth University in Richmond, Virginia.  In addition to his work at the IRS, Bill is an adjunct lecturer in the Graduate School of Management at the University of Texas at Dallas. 


James A. Smith Related seminars and products: 6

CPA, Managing Director

Smith, Jackson, Boyer & Bovard, PLLC


James A. Smith, CPA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm. Mr. Smith began his career with a major international accounting firm where he served in both the audit and tax divisions. Mr. Smith has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state wide tax television program; and on various radio news programs. He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA and stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs. Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Executive Board and its Board of Directors. He is currently serving a three year term as an elected member of the American Institute of CPAs (AICPA) Council and is an appointed member of the AICPA Accounting and Review Services Committee. In recognition of his service, Mr. Smith has been named by the TSCPA as Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Year 1992-1993 and 1995-96. The Dallas Chapter of the TSCPA also named him CPA of the Year for 1999-2000. Mr. Smith is a Certified Public Accountant in the state of Texas and is a graduate of Southern Methodist University with a BBA in Accounting and Economics.


Allyson Baumeister, CPA Related seminars and products: 1


Allyson Baumeister, CPA, works for businesses of all sizes, maintaining a primary focus on business tax and consulting. She provides her clients with creative resolutions for technical tax issues and clearly interprets proposed and existing business tax law. Moreover, her thorough experience with trusts and estates allows her to deftly guide clients through the complicated legislation and the intricate processes involved in compliance, maximization of returns, and sustaining business and family wealth. Allyson first gained knowledge and experience working for several years in a national firm, in a small firm environment, and in solo practice. She was also a partner in a regional legacy firm for 15 years prior to joining CLA. Her extensive tax experience bolsters CLA’s talented staff and cultivates client relationships and makes her an invaluable member of the professional and civic communities.


Alan K. Davis, JD, CPA Related seminars and products: 1


Alan K. Davis, JD, CPA, is a partner in the Dallas law firm of Meadows, Collier, Reed Cousins, Crouch & Ungerman, LLP. He is Board Certified in Estate Planning and Probate Law and is an American College of Trust and Estates Counsel Fellow. He maintains his CPA License. He represents clients in all phases of business planning, estate planning, and probate. Alan’s expertise is focused on designing and implementing plans to accomplish his clients’ objectives regarding the disposition of their estate, as well as taking maximum advantage of the credits and exemptions provided under the Internal Revenue Code for federal estate and gift taxes.  His estate planning practice is devoted to creatively reducing the extent to which an estate is subject to estate taxes. His business planning practice includes counseling clients with respect to establishment, operation and tax reporting requirements of their business transactions.  Primary emphasis is placed on the most tax efficient manner of transferring business interests to family members while also providing second (and third) generations with the best chance of family business continuance. Alan also counsels clients in all aspects of their charitable planning and charitable entities as to their formation and operation.


William H. Hornberger Related seminars and products: 2

JD, CPA

Jackson Walker


William Hornberger, JD, CPA, is passionate about the practice of law and about helping people and enterprises achieve business goals.  For nearly 30 years, he has practiced in the areas of tax, transactional, international and corporate law at Jackson Walker and has loved every minute of it!  His tax practice has touched nearly every area of the tax law, including corporate, partnerships and LLCs, international, real estate, corporate, oil and gas, bankruptcy, tax credit and tax controversy and procedural matters.  His broad transactional practice includes mergers and acquisitions, complex partnership, joint venture, real estate and private equity arrangements, complicated cross-border business structuring matters involving investors from multiple countries, Tax Treaty and IRS Competent Authority matters.  He has represented taxpayers on tax controversy matters in IRS administrative appeals and before the U.S. Tax Court, the U.S. District Court, the U.S. Bankruptcy Court, the Courts of Appeals for the Fifth and Eleventh Circuits and the U.S. Court of International Trade. Active professionally, William is a member of the American Bar Association, the State Bar of Texas, and has acted as Chair of its Section of Taxation. He is also a member of the AICPAs, and served on its Council. William is a member of the Texas Society of CPAs and served as its Chair, and on its Executive Board.


Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Public Practitioners
Original Recording Date 11/14/2018
Yellow Book No
Course Developer Business Professionals' Network, Inc.
Date Added to Catalog 01/30/2018

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method Group Internet Based
Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


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Overall:     4.4

Total Reviews: 8

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