Entity Planning in the Wake of the Tax Cuts and Jobs Act
This two-day seminar will provide an in-depth review of the impact of the Tax Cuts & Jobs Act on entity planning. The materials will be up-to-date as of mid-summer. Where guidance remains pending, we will discuss the implications of the unknown. The intent of the seminar is to equip tax 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.
The two-day session will include the following:
- Implications of Permanent Change to C corporation tax rates
- In-Depth Look at “Temporary” IRC § 199A Deduction
- What is “Qualified Business Income”?
- What is a “Qualified Trade or Business”?
- Wages/capital limitation
- Calculation of the deduction
- Cooperative provisions and their impact on entity decisions
- Options for those in a “Specified Service Trade or Business”
- Separate and combined calculations
- Effects of losses
- Other Changes Impacting Entity Decisions:
- Depreciation and Expensing
- Net Operating Losses
- Cash and Accrual Accounting Method Considerations
- Aggregation rules for businesses under common control, especially brother-sister organizations, and affiliated service groups.
- Excess Business Losses
- Business Interest Deduction Limitation
- Entertainment and fringe benefit repeals
- Meals for the Convenience of Employers
- Individual Tax Changes Impacting Entity Decisions
- Rate reductions
- Increase of the standard deduction
- Suspension of Miscellaneous Itemized Deductions
- Charitable contribution considerations
- Partnership v. S Corporation v. C Corporation Considerations
- Converting from an S Corporation to a C Corporation and Vice Versa
- Converting from a Sole Proprietorship or a Partnership to a Corporation and Vice Versa
- Putting it all together: Case studies of various clients and the entity discussion, including a decision-making framework
The schedule for both days will be as follows:
- Registration and Sign-In: 7:30 to 8:30 am
- Morning Session: 8:30 am to Noon
- Lunch (Provided): Noon to 12:50 pm
- Afternoon Session: 12:50 pm to 4:30 pm
- 800 minutes of instruction for the two days – 16 hours of CPE
- Curriculum/Field of Study: 10 hours New Law Taxation, 6 hours Taxation
- Level: Intermediate to Advanced
- Platform: Webinars are presented on GoToWebinar
- How does the attendee log onto a webinar? If you choose the webinar option, you will receive an email from Kristy Maitre, which includes a special link to click on to enter the webinar.
- How to Join a Webinar: https://support.logmeininc.com/gotowebinar/how-to-join-attendees
- Technical Issues? Contact GoToWebinar Support: https://support.logmeininc.com/gotowebinar/contactus
- To ensure no techicial difficulties, we suggest joining the webinar at 10-15 minutes before the start time.
Who should attend:
- enrolled agents
- tax return preparers
- attorneys (please contact us at CALT if you would like CLE credit)
- Please consult your state’s accrediting agency/board for its rules on admissibility of this course. It is the responsibility of the attendee to understand and comply with state licensing CPE/CLE requirements.
Approved Continuing Education:
- Enrolled Agents (IRS - RPO Continuing Education) and Other Tax Return Preparers (IRS - RPO Continuing Education) - 10 hours of New Law Taxation - Program number: Y7WRM- U-00253-18-0, 6 hours of Taxation - Program number: Y7WRM-T-0252-18-0
- CPAs: 16 hours of CPE - Iowa: The Iowa Accountancy Examining Board does not pre-approve CPE events, but it is left to the individual to determine the appropriate course of study. Other states: Consult your state’s accrediting agency/board for its rules on admissibility of this course. It is the responsibility of the attendee to understand and comply with state licensing CPE requirements
- Attorneys: The two-day session is approved for 13.25 hours of CLE credit with the Iowa Supreme Court Commission on Continuing Legal Education. Activity number 297753 for standard live event and activity number 297752 for the live webcast. If you need CLE from another state, please contact us.
Kari A. Apel, CPA, is the CEO and owner of Apel Associates, Inc. of Prairie du Sac, Baraboo and Johnson Creek, WI. Kari has co-authored and edited several tax and accounting publications including the US Dept. of Agriculture Farm Tax Management publication and several years of the National Income Tax Workbook. Currently she serves on many advisory boards as well as speaking for various organizations such as UW Extension and Tax Insight, LLC. Kari specializes in small business and agricultural management from tax law to strategic business planning.
Robert W. Jamison, Jr., CPA, PhD, 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).
Kristy Maitre, EA, is the tax specialist at ISU’s Center for Agricultural Law & Taxation. Prior to joining CALT, Kristy worked for the Internal Revenue Service for 27 years. Before retiring from the IRS in 2014, Kristy was serving as the IRS Senior Stakeholder Liaison for the State of Iowa. At CALT, Kristy conducts frequent webinars and seminars on a variety of tax topics. She also instructs practitioners through her writings on TaxPlace and her free bi-weekly webinar, The Scoop: Hot Issues from the Front Lines.
Kristine Tidgren, J.D., is the director for the Center for Agricultural Law and Taxation and an adjunct assistant professor in the Agricultural Education & Studies Department. Kristine’s work focuses on studying and interpreting laws impacting the agricultural industry. In particular, she focuses on agricultural taxation. She is a frequent writer and speaker on these topics. Kristine is the author of the Ag Docket, a blog offering perspective on current agricultural law and tax issues.
To register, click here: http://bit.ly/entityplanning
Cost for the two-day event is $350 if you register by July 1, 2018. Registration cost is $370 after July 1.
- Your registration fee includes a set of written course materials (electronic materials for those attending the webinar), refreshment breaks, and lunch.
- LIVE WEBINAR/ONLINE OPTION: Watch from your computer. You will receive instructions via email on how to view the webinar. Materials will be provided on a protected website sent via email prior to the event.
- CANCELLATION POLICY: You may cancel without penalty if written cancellation requests (email is fine) are received by 7/5/2018 before 4 pm. No refund will be given after 7/5/2018 due to financial obligations incurred by CALT.
The live event will be held at the Quality Inn & Suites, 2601 E. 13th St., Ames, Iowa.
Discounted overnight rooms are available for $92.00 per night (for the dates of July 11 and July 12). Call the hotel at 515-232-9260 and mention you are attending the Iowa State University Seminar.