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MNCPA Tax Conference

B Sessions

Monday, November 16,
9 - 10:15 a.m.

B1. Federal Individual Tax Highlights: How COVID-19 Stimulus Affects Individual Income Taxes

Speaker(s): Paul Neiffer
NASBA field of study: Taxes - Technical (1.5)

A whirlwind of changes swept through the individual tax landscape in recent months. This high-level overview breaks down the major individual tax law changes related to COVID-19 stimulus efforts so you can guide your clients. Get up to speed on the Coronavirus Aid, Relief and Economic Security (CARES) Act, including changes to required minimum distributions (RMDs), deferral of certain self-employment taxes and tax credit opportunities. Learn how to maximize income tax refunds related to the suspension of the excess business loss rules and gain clarity on the new five-year net operating loss (NOL) carryback provisions. Plus, examine other big individual income tax law changes affecting 2020 tax returns.

B2. Dealing with the Business Interest Limits Under Section 163(j)

Speaker(s): Edward Zollars
NASBA field of study: Taxes - Technical (1.5)

In July, the IRS issued most of the final regulations for the business interest limitations under Section 163(j), along with a new set of proposed regulations and a proposed revenue procedure. Additionally, Congress made temporary changes to the provisions under the Coronavirus Aid, Relief and Economic Security (CARES) Act that impacts 2019 and 2020 returns. Get updated on the current state of Section 163(j) rules and see how the latest developments will affect your clients. Learn who qualifies for exempt status; what syndicates are (and why they matter); partnership provisions; the impact on S Corporations, partnerships and partners; and more.