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Congress Passes 2019 Year-End Tax Legislation: SECURE Act & Disaster Act

Course Price: $89.00
CPE Credits
3
Date
January 1, 2020
Course Time
8:00 AM
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
Knowledge of Federal Tax Law
IRS CPE
3
NASBA CPE
3
CTEC CPE
N/A
Instructor(s)
Paul La Monaca CPA, MST

Course Description

This course includes new and retroactive changes to the Internal Revenue Code addressing Individual, Business & Energy Provisions as follows:

  • §1(g) Kiddie Tax Amendment to Changes Made by TCJA
  • §25C Nonbusiness Energy Property Credits for Individuals
  • §45S Employer Tax Credit for Paid Family and Medical Leave
  • §51 Work Opportunity Tax Credit for Businesses
  • §108(a)(1)(E) Exclusion from Gross income of Discharge of Qualified Principal Residence Indebtedness and Form 982 Reporting Requirements
  • §163(h)(3)(E) Treatment of Mortgage Insurance Premiums as Qualified Residence Interest on Schedule A
  • §168(e)(3)(A) Classification of Certain Race Horses as 3-year Property
  • §179D Energy Efficient Commercial Building Deduction
  • §213(f) Reduction in Medical Expense Deduction Floor Back to 71/2% of AGI
  • §222 Deduction of Qualified Tuition and Related Expenses Reducing AGI
  • §529 Plan Distributions Expanded to Cover Student Loan Debt
  • §1391 Empowerment Zone Tax Incentives
  • and more

The SECURE Act Legislation includes the following provisions:

  • Repeal of the Maximum Age of 701/2 for Traditional Individual Retirement Account (IRA) Contributions
  • Coordination with Qualified Charitable Distribution (QCD) Rules
  • Increase in Age for Required Beginning Date (RBD) for Required Minimum Distributions(RMD)
  • §72(t) Penalty-free Plan Withdrawals for Births or Adoptions
  • Difficulty-of-Care Payments Treated as Compensation for Purposes of Making Retirement Contributions
  • Exclusion Benefits Allowed for Volunteer Firefighters and Emergency Medical Responders
  • Increased Penalties for Failure to File Retirement Plan Returns
  • Increased Failure to File Penalty for Income Tax Returns
  • Qualified Employer Plans Prohibited from Making Loans through Credit Cards and Other Similar Arrangements
  • Expansion of Retirement Savings by Increasing the Auto Enrollment Safe Harbor Cap
  • Allows Plans Adopted by Filing Due Date for Year May Be Treated as in Effect as of Close of Tax Year
  • Simplification of §401(k) Safe Harbor Rules
  • Increase in Credit Limitation for Small Employer Pension Plan Start-Up Costs
  • Treat Certain Taxable Non-Tuition Fellowship and Stipend Payments as Compensation for Purposes of Making Contributions to an IRA Plan
  • Creation of a Small Employer Automatic Enrollment Credit
  • and more

The Disaster Tax Relief Legislation for Prior Periods Includes the Following Provisions:

  • Special Disaster-related rules for Use of Retirement Funds Without Penalty Assessment
  • Employee Retention Credit of 40% for Employers Affected by Qualified Disasters
  • Other disaster-related tax relief provisions including:
  • Special Rule for Determining Earned Income for EITC Purposes
  • Automatic Extension of Filing Deadlines
  • Temporary Suspension of the 60%, 30%, 20%, limitations on Charitable Contributions
  • and more

Learning Objectives

At the completion of this Webinar, the participant will be up to date on the year-end 2019 Tax Extender Legislation as well as the changes and improvements made to Retirement plans under the SECURE Act as it pertains to individuals and businesses. The Course will help the Tax Professional be knowledgeable for preparing 2019 returns and beyond. In addition, the participant will be able to discuss opportunities with clients concerning amending 2018 tax returns resulting in potential refund of tax.

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
Refunds
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
Cancellation
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
Walk-In
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
Disclaimer
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.