President Trump on December 22, 2017 signed the Tax Cuts and Jobs Act (TCJA) into law. This is the most extensive change in federal tax law
since the (Reagan) Economy Recovery Tax Law of 1981. The Tax Cuts and Jobs Act (TCJA ) of 2018 has challenged changes in the tax landscape and has
had tax preparers, attorneys and accountants scrutinizing and discussing what this new law means for their personal tax position and the positions
of their clients.
Prerequisite: Familiarity with business taxation in general
Level: Intermediate to advance
Who should attend?
- Enrolled Agents
- Tax Return Preparers
Materials: Course participants will receive a 250-page PDF, complete with examples and citations to authority,
as well as PowerPoint slides of the presentation.
Robert W. Jamison, Jr., CPA, Ph.D., Professor Emeritus of Accounting, Indiana University, Kelley School of Business – Indianapolis, author of S Corporation Taxation, published by CCH Incorporated, is a nationally recognized expert on S corporation tax law. In addition to teaching tax law in accounting departments at three universities for 36 years, Dr. Jamison has been the lead author of the Business Entities chapter of the National Income Tax Workbook and its predecessor for more than 30 years. (The National Income Tax Workbook is the text used to teach the two-day Annual Income Tax Course in Iowa and 27 other states each year.) Dr. Jamison’s S Corporation Taxation, 2017 Edition, (1,864 pages) published by CCH Incorporated, Chicago, is the go-to book for practitioners who advise clients regarding taxation of S corporations, including formation, operation, termination, and compliance. Dr. Jamison is also a co-author of Multistate Tax Guide to Pass-Through Entities, 2017 Edition, Chicago, CCH Incorporated and the author of Tax Cuts and Jobs Impact - Guide to Pass Through Entities, CCH Incorporated (available late Summer 2018).
The intent of the seminar is to equip professionals to help clients with entity planning decisions in light of the sweeping new tax law. Teaching points will be illustrated with case studies. The seminar will also provide a detailed review of issues arising when converting from entity form to another—and pitfalls and dangers to avoid.
Mr. Jamison will present a brief overview of Section 199a as it applies to sole proprietorships and partnerships in addition to the following S Corporation topics:
- Current developments, including enacted and proposed legislation up to the presentation date
- Timely elections and late election relief
- Corporate and shareholder income and loss including
- In-Depth Look at “Temporary” IRC § 199A Deduction
- Threshold for cash method, inventories, uniform capitalization, completed contract method and interest deduction limitations
- Shareholder stock and debt basis:
- New regulations, old restructuring technique and case law
- Compensation of shareholder employees
- Loss limitations, including
- Basis and amount at-risk and passive activity loss limits
- New excess business loss limit and changes to net operating loss rules
- Net investment income issues
- The built-in gains tax:
- Including examples of the how new tax rates apply
- Qualified Subchapter S Subsidiaries
- Definitions and planning opportunities
The event will be held at
Courtyard by Marriott Lincoln Downtown
808 R Street Lincoln, NE 68508
Phone: (402) 904-4800 Fax: (402) 904-4804
- Materials - Course participants will receive a 250-page PDF, complete with examples and citations to authority, as well as PowerPoint slides of the presentation. If there are significant developments within three weeks before the presentation, Mr. Jamison may prepare a separate handout, if necessary.
- Continental Breakfast
- Morning and Afternoon breaks
- Continuing Education