Topics

2017 TAX UPDATE PART 2

Topics for Part 2 include:

University of Illinois Tax Workbook Volume B

  • Installment Sales: determining interest rates; subsequent selling price reduction; Mixed assets and business asset sales; disposition issues; self-canceling installment notes (SCINs)
  • Individual: Update on e-commerce and self-directed IRAs; IRA rollover waivers
  • Small Business Issues: Hobby loss issues; trader or investor status; small business stock exclusions and losses; depreciation issues
  • Partner Issues: Unreimbursed partnership expenses; outside basis; self-employment taxes; §179 expensing deduction; partner loans; family partnership rules
  • Partnership Issues: Electing out of subchapter K; capital accounts; liabilities; allocations; distributions and terminations

Additional Materials by Ken

  • Additional 2017 legislation, cases, rulings, and regulations
  • Dramatic new partnership audit rules effective in 2018 and changes needed for operating and partnership agreements
  • Ethics (TWO HOURS): Statement on Standards for Tax Services compliance (approved for Kansas ethics)
  • LLC self-employment tax update: the noose has tightened
 
 

 

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