By William J. Hayes, managing editor, Pennsylvania CPA Journal
PICPA members Michael Radich, Joseph Figurelli, and Damian Gaspari, all members of the PICPA Federal Taxation Committee, came together Jan. 10, 2020, to present a webinar on year-end federal tax issues, a must-watch for accounting professionals who want to get caught up on developments as we embark on the 2020 tax season.
Radich focuses on best practices for IRS penalty abatement and stresses the need for practitioners to discuss with their clients the reasons for their delinquency and explain the importance of remaining compliant going forward. He also provides a number of other helpful tips, including following up with the IRS Service Center for clients every 45 days and communicating regularly with agents to help keep up with tax policies and procedures.
Figurelli zeroes in on updates to 2019 individual tax brackets and standard deductions, qualified charitable distributions, and filing status considerations. The new Setting Every Community Up for Retirement Enhancement (SECURE) Act will not only have a major effect on retirement going forward, but also this coming tax season. A few changes the SECURE act will make to the current landscape include stretching IRA provisions eliminated in 2020, repealing the maximum age for traditional IRA contributions, and allowing long-term part-time workers to participate in 401(k) plans.
Tax concerns for businesses are covered in the webinar by Gaspari. He examines the Taxpayer Certainty & Disaster Relief Act, which became law Dec. 20, 2019, and partnership capital reporting requirements. He also provides a helpful update on still-evolving Tax Cuts and Jobs Act (tax reform) matters. Among the factors he identifies as being impactful for businesses this tax season are the qualified business deduction, the Section 179 deduction, and the small-business exception.
Be sure to check out this free webinar for CPAs affected by changes to federal taxation heading into the 2020 filing season. It is for informational purposes only, and cannot be used to garner CPE. Click the video above or find it on PICPA’s YouTube page.
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