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Event Description

The time for tax planning to benefit your business clients is NOW! Most strategies for reducing federal income tax liabilities require analysis, fact gathering, comparisons of alternatives, and projections of possible results. All of that takes time and is best done in the summer and fall before year-end pressures overwhelm your available time. The Tax Cuts and Jobs Act of 2017 added real tax saving opportunities for owner-managed businesses but determining which ones might benefit your client requires prior year analysis and projection for future years.

 

Objectives

  • Change accounting methods and provide cost/benefit analysis to your client
  • Take advantage of opportunities to defer recognition of taxable income
  • Provide tax effective fringe benefits for owners and employees of closely held businesses
  • Apply tax saving opportunities made available by the Tax Cuts and Jobs Act of 2017
  • Provide information to get maximum benefit from a cost segregation study
  • Maximize the tax saving opportunities of new Code Section 199A
  • Make the right decisions between Section 179 deductions, bonus depreciation, and application of the de minimis provisions in the “repair regs.”
  • Plan for any limits imposed by the business interest limit or the loss limitations that limit recognition of all types of losses to a single annual amount

Major Subjects

  • Tax Planning with Fringe Benefit Programs
  • IRC Sec. 199A Qualified Business Income Deduction
  • IRC Sec. 163(j) Business Interest Limitation
  • IRC Sec. 461(l) Limitation on Excess Business Losses
  • Accounting Method Changes – New Form 3115, Instructions, and Revenue Procedures
  • Depreciation and Cost Recovery

Discussion Leaders

Arthur Werner, CPA, JD, MS (Taxation)E. Nichols, CPADean Cochenour, CPA, MBA