4 CPE CREDITS - 2018 ANNUAL TAX UPDATE June 21st
M. Robinson & Co., Tax Law Specialists, is pleased to invite you to our 7th Annual International Tax Update. This program is co-sponsored by the New England Chapter of the American Academy of Attorney–CPAs, a national organization.
The identical program will be presented in Waltham on June 13th, from 7am - 12:30 pm. Please register with this link - https://2018annualtaxupdatewaltham.eventbrite.com, if you prefer the Waltham location.
On Thursday, June 21, 2018, from 1:00 PM - 6:30 PM
Massachusetts Continuing Legal Education (MCLE)
10 Winter Place
Boston, MA 02108
Parking: Available at local garages. Also accessible by public transportation.
Complimentary coffee, tea, and snacks will be provided.
This program is designed for lawyers, accountants, wealth managers, trust officers and other financial services professionals who can benefit from an authoritative overview of how taxes affect some of their most profitable clients. We will also alert tax practitioners to important changes in the tax law.
This program is provided without charge as a service to the business community, but pre-registration is required.
What You Will Learn
1. Planning For Reduced Business Tax Rates
The Tax Cuts and Jobs Act(TCJA) has slashed income tax rates for C corporations, including personal service corporations. All C corporations are now subject to income tax rates based on three distinct types of income:
21 percent on taxable income derived from sales to customers located in the United States.
13.125 percent of taxable income derived from sales to customers located outside the United States.
10.50 percent of taxable income derived from sales to customers located outside the United States where the sale is made through the use of a controlled foreign corporation.
Meanwhile, some taxpayers other than C corporations may benefit from the up-to-20 percent Qualified Business Income Tax Deduction, which can reduce the top TCJA individual income tax rate from 37 percent to 29.6 percent. Taxpayers who potentially may take advantage of these substantially lower income tax rates include S corporation shareholders, partners, trusts, trust beneficiaries, sole proprietors and single-member limited liability companies characterized as disregarded entities.
These sweeping tax cuts will cause all businesses to reconsider their legal structure. Businesses will need to ask:
(1) Should we be organized as a C corporation? An S corporation? A partnership? A trust? A sole proprietorship?
(2) Should a single-member limited liability company be characterized for tax purposes as a disregarded entity, taxable as a sole proprietorship? As a C corporation? As an S corporation?
(3) If an S election appears best, is it possible to make a late S election that is retroactively effective to the beginning of 2018?
2. Other Important Tax Planning Under the Tax Cuts and Jobs Act
This presentation will summarize many of the important changes under the TCJA so that tax practitioners will be able to get a head start before the beginning of the traditional fall tax-planning season. Discussion topics include:
(1) Preserving the deduction of business interest in light of the elimination of the interest deduction for home equity indebtedness.
(2) Planning for Net Operating Losses
(3) Offsetting non-passive business losses against ordinary income.
3. Successfully Defending Tax Audits
All tax practitioners need to understand the basics of tax-audit defense. We will discuss how to mount a successful audit defense. We will also consider Wire Transfer Audits, a new type of tax audit that IRS has developed in conjunction with (1) the IRS enforcement of the Bank Secrecy Act, which requires the filing of FBARs; and (2) the IRS enforcement of FATCA: The Foreign Account Tax Compliance Act.
4. Noteworthy Topics
We will round out our program with a potpourri of noteworthy topics including:
(1) Recent tax cases and rulings of note.
(2) Changes in the regulatory environment.
For additional details, CLICK HERE to download Program Brochure.