2017 Business Federal Tax Update

Authored by Bradley Burnett
About this Course
Topics Covered: Business; Qualified Plans; Fringe Benefits; Employment Tax; Complete partnership, S corp, and C corp returns for 2017; Disregarded Entities; IRS Practice; Agriculture; Rule changes, court decisions and other developments that will affect 2017 returns. Upon completing this course, you should be able to: Identify regulatory developments; Explain the latest developments in business taxation for 2017; Prepare accurate business tax returns for 2017; Identify which type of real estate carries a 39 year cost recovery life; Recognize congressional acts added the ability to take bonus depreciation on certain property as well as certain amendments to the tax treatment of computer software; Differentiate methods of accounting recently identified by the IRS as being improperly applied by land developers; Describe true statements with respect to employee fringe benefits and qualified plans Identify the projected 2018 FICA wage base; Identify the due date for C Corps with tax years ending in June; Differentiate cases involved an S Corp whose president and sole shareholder claimed a zero salary; Identify an entity recognized under state or local law but ignored for federal tax purposes; Identify information that is relevant to the beginning basis when establishing a partner's outside basis; Differentiate statements regarding tax preparer willful or reckless conduct; Recognize real life cases dealing with step up basis and how to apply the rulings to your clients; Describe the PATH Act and it's impact; Identify Section 168(k) bonus depreciation percentage for 2019; Recognize when noncash fringe may be provided tax free to a worker; Identify the contribution limit to a health flexible spending arrangement for 2017; Recognize the 2017 FICA wage base; Identify the new maximum fine for I-9 paperwork errors; Recognize the form qualified tax-exempt organizations that hire eligible unemployed veterans can claim work opportunity tax credit against their payroll tax liability; Recognize examples of disregarded entity; Identify information that is relevant exclusively to ongoing adjustments when establishing a partner's outside basis; Differentiate statements with respect to Centralized Partnership Audit Rules (CPAR); Recognize how many days of election a partnership must notify partners of elections our of CPAR; Identify how many days after the IRS mails notice of final partnership adjustment a partnership making a "push out" election must notify the IRS within; Recognize the Fast Track Settlement Program preserves taxpayer's ability to request; Describe how many tax professional data breaches per week; Identify the minimum penalty for tax preparer willful or reckless conduct; Differentiate cases dealing with charitable contributions of easements and qualified farmers and ranchers.
$ 40.00
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NASBA Field of Study
Taxes
Level
Update
CPE Credits
4.0
Prerequisites
Basic understanding of federal income taxation concepts.
Last Updated
02/16/2018
11961