Once participants have completed this session, they should be able to:
- Understand the major Federal income tax laws impacting C & S corporations, partnerships, LLCs, LLPs and their owners.
- Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting business income tax returns.
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Tax accountants in public or private practice in need of power-packed one-day Federal business entity update course. This is a great course to gear up for tax season.
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 (CFP®). 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 session is a comprehensive review of the Federal business income tax provisions and tax forms/schedules that will affect the 2020 tax returns and 2021 tax projections with an emphasis on newly enacted tax legislation, court cases, and IRS guidance. Each participant will receive a comprehensive business income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, as well as Pat Garverick's Quick Reference Chart.
Topics include but are not limited to:
- Discuss the SECURE & CURES Act business income tax provisions.
- Review the business income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the new lower corporate income tax rates and AMT repeal; 20% qualified business income (QBI) deduction; changes to NOLs, business loss limitations, interest deduction, accounting method changes, fringe benefits and entertainment expenses.
- Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms.
- Recent changes to depreciation and 179 expense.
- Issues related to compensation, distributions, liquidations, self-employment taxes and retirement plans.