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LISI's Tax Reform Bill Update & New Passthrough Income Taxation: Statutory Review & Short-Term/Urgent and Longer-Term Planning



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FLASH: LISI's Tax Reform Bill Update & New Passthrough Income Taxation: Statutory Review & Short-Term/Urgent and Longer-Term Planning

 

 

Join Bob Keebler, CPA/PFS, MST, AEP on Friday December 8th @ 3pm ET for his special “2-for-1” LISI webinar focused on the Tax Cuts and Jobs Act. In Part 1, Bob will explore the critical aspects of the Tax Cuts and Jobs Act. In Part 2, Bob will review how the new passthrough income taxation rules work. As the passage of the tax bill draws nearer, this is a “must see” webinar series for all practitioners.

 

Part 1: Critical Aspects of the Tax Cuts and Jobs Act

 

  1. An Overview of the Individual Tax Changes including SALT, Charitable, AMT and the New fourth Loss Limitation Provisions
  2. Massive Changes to Drafting, Planning and the Administration of Estates Including Doubling the Exemption
  3. Immediate Considerations When Choosing a Fiscal Year for Estates and Trusts Including Rates and Pass-Through Issues
  4. Urgent Planning for the New FIFO Securities Rule Including CRTs, CLTs, NINGs, Nongrantor Trusts and Partnerships
  5. December 31, 2017 Changes to Roth Recharacterization Provisions and Roth Conversions After Tax Reform
  6. The Complete Overhaul and Repeal of Most Itemized Deductions and Time Sensitive 2017 Year-End Planning
  7. Reduction in the Corporate Tax Rate and Likely Strategic and Tactical Opportunities
  8. The Separation of Pass-Through  Business Income From The Traditional Ordinary Income Approach
  9. A Mathematical Comparison of C-Corp and Pass-Through Taxation After Tax Return
  10. The Adverse Impact of the Pass-Through Provisions on Trusts and Estates and Urgent Planning
  11. The Application of the Lower Pass-Through Rate to Real Estate and Planning Considerations
  12. Expansion of Both Bonus Depreciation and the Section 179 Deduction
  13. Expansion and Changes to ESBT Provisions
  14. Top Ten Year End Planning Issues
  15. ACTION STEPs for CPAs
  16. ACTION STEPs for Financial Planners
  17. ACTION STEPs for Estate and Trust lawyers

 

Part 2: A Detailed Look at How the Rules for the Deduction for Qualified Business Income of Pass-Thru Entities Work

 

  1. A Policy Perspective – What is Congress Hoping to Achieve
  2. Extremely Adverse Impact on Estate and Trusts and Related Planning
  3. Understanding the Four Types of Taxpayers:
    1. Specified Service Businesses with Taxable Income Under $500,000
    2. Specified Service Businesses with Taxable Income Over $500,000 and the Dangerous Cliff Phaseout
    3. NonService Businesses with Taxable Income Under $500,000
    4. NonService Businesses with Taxable Income Over $500,000
  4. What is a Specified Service Business?
  5. What is the Cliff Phaseout and What Strategies Exist?
  6. Understanding The $500,000 Cliff Where a $100,000 of Additional Gross Income Causes $215,000 of Taxable Income
  7. What is Combined Qualified Business Income?
  8. Understanding the 50% Wage Limitation
  9. Planning for Income Between the Phaseout Limitations – A critical 2017 and 2018 Concept
  10. Treatment of Carryover Losses
  11. Extremely Adverse Impact on Estate and Trusts and Related Planning
  12. The Impact of the Pass-Thru Deduction on Prior Year Losses
  13. Treatment of Real Estate Income and The 50%  Wage Limitation
  14. The Impact of Reasonable Compensation and Guaranteed Payments
  15. The Impact on Qualified REIT Income
  16. Relationship to the Net Investment Income Tax
  17. Changes in the Accuracy-Related Penalty

 



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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of """"first impression."""" Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - """"Family Tax Planning Forum,"""" Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com


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