Business Tax Update and Planning Strategies (BTXP)

During the COVID-19 pandemic, Congress temporarily amended or reversed many Tax Cuts and Jobs Act provisions that were effective starting in 2018. These changes to business tax rules, largely incorporated in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, were intended to provide cash flow for business owners and investors. This program will help tax advisors understand the changes, which may only last through 2020, and provide business clients with accurate advice.

• Planning for Paycheck Protection Program loan forgiveness
• Faxing Forms 1139 and 1045 to the IRS due to COVID-19
• New final Section 163(j) regulations
• Bonus depreciation and qualified improvement property
• Temporary repeal of the Section 461(l) $250,000/$500,000 loss limitation
• Delayed payment of employer and self-employed payroll taxes
• New proposed regulations dealing with employer-provided parking
• Tax capital account reporting by partnerships

• Advise clients regarding business tax planning changes taking place in 2020
• Understand business tax planning strategies resulting from recent legislation