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The Tax Cuts and Jobs Act has totally changed the rules (at least temporarily). Every practitioner will need to revisit his or her tax planning strategies. For example, our panel will review:
- What is the one-year planning opportunity for alimony/divorce?
Traditional estate plans may produce tax detriments due to the lack of a step up in basis while producing no estate tax benefits. How will you address those issues? When should you consider dissolving the family partnership or LLC?
- Is a C corporation a good tax planning tool now?
- 100% expensing provides huge planning possibilities but can result in inability to take interest deductions.
- Traditional investments in oil and gas drilling funds and other business ventures and/or exiting a passive activity can produce excess business losses that may not be fully utilized immediately under a new statute.
- The new deduction for pass-through entities will not help everyone and in some cases can cause marginal tax rates to soar.
- The new deduction for pass-through entities is highly dependent on decisions you make regarding a variety of deductions including charitable deductions, expensing elections and other deductions. Do you understand why?
- The loss of investment expense deductibility and the new deduction for pass-through entities are going to push taxpayers to look for trade or business classification. Can they get there? What about those rental properties?
- Is an S corporation preferred over a partnership or a disregarded entity under the new deduction for pass-through entities?
- When is an S corporation shareholder now under even greater temptation to pay even lower salaries?
- What are the new developments affecting basis adjustments for partnerships?
Congress has fixed the grain glitch in the Tax Cuts and Jobs Act. The IRS has begun to issue notices regarding various provisions in the Act. Planners are beginning to develop strategies to address various provisions of the Act. Clients are beginning to separate the rumors and promises from the reality of what made it into the actual Act. Plus, there are new regulations on the new audit rules with some included surprises.
This is not just a course about the Tax Cuts and Jobs Act. This is the course that explains the Act and looks into what is happening now and what may happen in the near future.
- What We Know Now About the new Audit Rules
- The Tax Reform Act and Small Business
- Estate Planning after Tax Reform
- Planning with the new Pass Through Entities Deduction—Section 199A