Once participants have completed this session they should be able to explain the newly enacted QBI deduction and other individual and business income tax provisions of the TCJA to their clients, colleagues and employees.
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Professionals in public or private practice in need of an in-depth training of the 20% QBI deduction and update on the income tax provisions of the newly enacted Tax Cuts & Jobs Act (TCJA).
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, Mr. 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, Pat is also a Certified Financial Planner (CFP®). Pat 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 Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater, OSU.
This session will spend a majority of the day covering the 20% qualified business income deduction and newly issued regulations under IRC §199A. In addition, the course will review many other TCJA income tax provisions affecting individuals and businesses (i.e., sole proprietors, C & S Corporations and partnerships/LLC) with an emphasis on newly enacted income tax regulations, IRS notices and revenue procedures. Each participant will receive a copy of Pat Garverick’s award winning TCJA comprehensive reference manual.
Topics include but are not limited to:
• 20% deduction for qualified business income (QBI) for sole proprietors and pass-through entities (New IRC §199A regulations)
• Individuals - reduction to the income tax rates and modifications to the AMT and kiddie tax calculations
• C corporations - reduction to the income tax rates, AMT repeal and
modifications to the dividend received deduction
• Partnerships - technical termination rule repeal and §743 substantial built-in-loss changes
• S Corporations - new distribution ordering rules for eligible terminated S corporations
• New excess business loss limitations
• Modifications to the net operating loss (NOL) rules
• Changes and increases to both the §179 expense and bonus deprecation and other depreciation changes for farmers
• Modifications to fringe benefits including the elimination of entertainment expenses
• Elimination of like-kind exchanges for personal property
• Modifications to the individual standard deduction, itemized deductions and personal exemptions
• Reduction of the individual mandate tax (i.e., shared responsibility payment) to zero
• New business interest expense limitations
• Expansion of the cash method of accounting and exemption from percentage of completion method