- Understand the major Federal and Arizona income tax laws impacting individuals.
- Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual income tax returns.
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Tax accountants in public or private practice in need of power-packed two-day Federal & Arizona individual 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 (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 and Arizona individual 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 individual income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules and Pat Garverick's Quick Reference Chart.
Topics include but are not limited to:
- Discussion of the SECURE Act & COVID-19 individual income tax provisions.
- Review the individual income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the 20% qualified business income (QBI) deduction; changes to the income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, NOLs, business loss limitations, interest deduction, accounting method changes and income exclusions.
- Review any Arizona law amending state statutes to conform to changes made to the Internal Revenue Code during the year.
- Look at any changes to the Form 1040, Arizona Form 140 and other related schedules and forms.
- Cover issues related to the various taxes (i.e. income, capital gain, self-employment and alternative minimum tax (AMT)).
- Review changes to depreciation, itemized deductions, adjustments to income, passive activities and tax credits.