The Protecting Americans Against Tax Hikes (PATH) Act of 2015 made some of the former so called 'tax extenders' permanent, further extended others, and changed the substance of several. In addition 2015 saw major changes to Social Security file-and-suspend strategies, and the Affordable Care Act (ACA) tax compliance provisions continued to confound many employers. Both businesses and individual clients will be affected by all the tax changes that need extensive tax planning by the tax advisor. Not only will you be updated on the most important tax issues that require your attention, but this course will also review the major trends and changes in the case and regulatory law. Included is full coverage of all tax changes with a view toward planning. Updated for coverage of the NEW Department of Labor exemption classification and overtime requirements.
DESIGNED FOR
CPAs who need to know the latest tax law changes in all areas of practice
HIGHLIGHTS
Major Topics:
- Update on this year's major tax law changes, including the Protecting Americans Against Tax Hikes (PATH) Act of 2015 and Social Security changes included in the Bipartisan Budget Act of 2015
- Review of IRS Priority projects to help you plan for the future tax landscape
- Developments in the tax on net investment income: planning to avoid the pitfalls
- Advanced practitioner issues
- Health care reform: how employers report and where individuals stand in 2016
- Review of pertinent cases and rulings regarding exclusions, character issues, retirement plans, travel and other items affecting your individual taxpayers
- Practice aids, including all the numbers applicable for 2016 -- inflation-adjusted amounts, mileage rates, retirement contributions, and more
- Recent developments with business entities, including C corporations, S corporations, partnerships, and limited liability companies
- The latest issues related to passive activities, substantiation and any other late-breaking tax law changes
Learning Objectives:
- Understand strategies and techniques for individuals to use in light of tax changes
- Understand how the net investment income tax applies, and strategies and techniques that can mitigate it
- Understand current cases and rulings affecting individuals and businesses
COURSE LEVEL
Update
PREREQUISITES
Experience with individual and business clients
ADDITIONAL NOTES
This course qualifies for CFP Credit.