Once participants have completed this session, they should be able to:
- Understand the major Federal income tax laws impacting individuals, C and S corporations, partnerships, LLCs and LLPs.
- Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual and business income tax returns.
The Tax U More With This Vendor
Tax accountants in public or private practice in need of a power-packed one-day Federal individual and business income tax update course.
Garverick, J Patrick
Pat Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Garverick is also a Certified Financial Planner (CFPÂ®). Garverick has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Garverick earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater, OSU.
This fast-paced session is a comprehensive review of newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures and private letter rulings affecting individuals and businesses. Each participant will receive a comprehensive manual with the hottest tax topics including:
Pat Garverick's Quick Reference Chart. Topics include but are not limited to:
- Discuss the most recent individual and business income tax legislation passed to date (e.g., American Rescue Plan Act, SECURE Act, CARES Act and COVID related Tax Relief Act, Taxpayer Certainty & Disaster Relief Act and Tax Cuts & Jobs Act).
- Walk through major tax changes to corporations, partnerships and/or individuals and any changes to the income tax forms and other related schedules.
- Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, 461(l) business loss limitations, 163(j) business interest deduction limitations, accounting method changes, depreciation, retirement plans, fringe benefits and entertainment expenses.
- Brush up on the individual and business income tax rates (e.g., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax).
- Discuss other individual income tax topics and changes to filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income and income tax credits (e.g., child tax credit and dependent care credit).
- Review other important IRS audit areas such as basis and at-risk limitations for S shareholders and partners, passive activity losses and real estate professionals and self-employment taxes.