Understanding the Tax Cuts and Jobs Act Seminar
Agenda
Registration: 8:00 – 8:30 am
Morning Session: 8:30 – 11:50 am
Lunch (On your own): 11:50 am – 12:50 pm
Afternoon Session: 12:50 – 4:40 pm
Policy Points of the Tax Cuts and Jobs Act
Simplification vs. complexity
Breadth of impacted taxpayers
Temporary vs. permanent changes
Personal Income Tax Rates and Itemized Deduction Limitations
New ordinary income and capital gain rate brackets
Revised “kiddie tax” rules
New standard deduction and loss of personal exemptions
A focus on itemized tax, interest, and charitable deductions
The modified alternative minimum tax
Enhanced child and family tax credits
Tax planning strategies
Individual Business Loss and Net Operating Loss Restrictions
New excess aggregate net business loss limitation
Net operating loss carryback and income offset restrictions
Planning for multiple business loss restrictions
Understanding the New 20% Qualified Business Income Deduction
Definition of qualified business income
Definition of specified service business income
Deduction limitations based upon W-2 wages and depreciable property
Different rules for “small” vs. “large” taxpayers
Review of various fact patterns and planning scenarios
Corporate Income Tax Rates and Business Deduction Limitations
New C corporation flat tax
Business meals and entertainment
Business interest expense deduction limitations
Small taxpayer tax accounting method simplification
Restrictions on like-kind exchanges
Choosing between a C Corporation and a Pass-Through Entity
Analyzing the C corporation vs. S corporation decision
Revoking the S election
Choice of business entity when starting a new business
Selected partnership tax rule changes
Selected electing small business trust tax rule changes
Bonus Depreciation and the Enhanced Section 179 Deduction
Temporary increase to bonus depreciation
Expansion of Section 179 expensing
Increased “luxury” auto depreciation limits
Depreciation of farm property
Depreciation of qualified improvement property
Estate Tax Planning with the Higher Exemption
Impact of the higher exemption on “old school” estate plans
Gift planning
Income tax basis planning vs. estate tax planning
Pot Pourri of Other Significant Changes
Repeal of the moving expense deduction
Change to the tax treatment of alimony
Expansion to Section 529 qualifying expenses
No recharacterization of Roth IRA conversions
New taxes on exempt organizations
Selected international tax changes
Credits
Accountants
8.0 CPE Hours
Attorneys
The Utah State Board of CLE has approved this program for6.5 general CLE hours for attorneys. 6.5 Utah CLE Hours
Certified Financial Planners
8.0 CE Hours
IRS Enrolled Agents & Other Tax
Preparers
8.0 CE Hours
Continuing Education Credit Information
This seminar is open to the public and offers continuing education credits to accountants, attorneys, certified financial planners, and IRS enrolled agents.
This intermediate-level group live presentation provides accountants with 8.0 intermediate-level CPE hours in the area of taxes. Learners should have a working knowledge federal taxation, and no advanced preparation for this course is required.
HalfMoon Education Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org. Complaints can also be directed to Doug Chapman at doug@halfmoonseminars.org. Sponsor No. 103015.
The Utah State Board of CLE has approved this program for6.5 general CLE hours for attorneys.
HalfMoon Education Inc. is a CFP Board-registered continuing education sponsor. The Certified Financial Planner Board of Standards, Inc. has granted 8.0 hours of continuing education credit for the completion of this seminar.
This program qualifies for 8.0 hours of continuing education credit for enrolled agents and other tax return preparers under Treasury Department Circular #230 Section 10.6(g).
Speakers
Brandon Allfrey
Squire & Co., PCSquire & Co., PC, Salt Lake City, UT
Mr. Allfrey is a certified public accountant and partner at Squire & Co., PC, based in Orem and Salt Lake City, UTtah. He holds the designation of Global Chartered Management Accountant from the AICPA. Mr. Allfrey’s practice focuses on individual and business tax planning, consulting, and compliance for business owners and closely-held companies. Additionally, he works in retirement plan design and compliance issues for plan sponsors and participants. Mr. Allfrey is a graduate of the American Institute of Certified Public Accountant’s Leadership Academy and currently serves on the AICPA’s Tax Practice Management Committee and as an AICPA Council Member representing Utah, where he is a member of the Board of Directors at the Utah Association of Certified Public Accountants. He is a frequent presenter for the AICPA and UACPA on the latest tax issues and tax practice operations.
James Beaudoin
Squire & Co., PCSquire & Co., PC, Salt Lake City, UT
Mr. Beaudoin is a Certified Public Accountant and partner in the CPA and advisory firm of Squire and Company, P.C., of Salt Lake City, Utah. He previously practiced with Pinnock, Robbins, Posey & Richins, P.C.; KPMG Peat Marwick; and with the Private Client Group of Wells Fargo. Mr. Beaudoin also holds the Personal Financial Specialist (PFS) designation from the American Institute of Certified Public Accountants and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner. His 34 years of practice has focused on income tax and estate planning and compliance for high-wealth individuals and closely-held companies. Mr. Beaudoin is past president of the Salt Lake Estate Planning Council and of the Utah Chapter of the Financial Planning Association. He graduated cum laude from Brigham Young University with a Master of Accountancy (Taxation) degree. He is a frequent speaker on income and estate tax planning matters.