Tax Reform One Year Later: Maximize Benefits and Minimize Burdens

Incorporating New Provisions and Regulatory Uncertainty in Year-End Tax Planning

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, December 12, 2018

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will offer an in-depth evaluation of the “winners and losers” of the tax reform law, one year after its passage. The panel will offer planning tools to take advantage of the more advantageous terms in the bill and mitigate potential tax issues caused by some of the problematic provisions of the law.

Description

A year after the passage of the tax reform law, many of the provisions of the law continue to challenge tax professionals. As advisers enter into the first end-of-year planning season with the tax reform law’s provisions in place, advisers should understand which classes of taxpayers are emerging as relative “winners” and “losers” under tax reform.

Tax reform radically altered the tax landscape for virtually every U.S. taxpayer. The law lowered overall rates, eliminated many deductions, compressed income brackets, and introduced some new complexities into the tax planning and compliance processes. While many taxpayers saw at least a temporary reduction in their overall tax burden, some taxpayers experienced net tax increases. Further complicating matters is a lack of guidance from the IRS on some of the more challenging aspects of the law, leaving planners with open questions as to structuring tax matters for impacted taxpayers.

Tax advisers performing year-end planning for taxpayers holding partnership interests, foreign assets, and certain types of property will face new issues in advising clients on steps to lower their overall tax liability and structure their affairs to make tax compliance less costly and less complicated. Critical to this task is recognizing those provisions that create new liabilities and reporting requirements, and emerging approaches to managing them.

Listen as our experienced panel provides a practical guide to evaluating “winners and losers” from the tax reform law in the context of creating end-of-year tax plans.

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Outline

  1. Tax reform changes that have emerged as having the most significant impact on individual taxpayers
  2. Partnership and pass-through entity planning
  3. Principal steps to manage new foreign tax payment and reporting obligations under tax reform
  4. Estate planning implications
  5. Planning uncertainties in light of sunset provisions as well as potential political changes

Benefits

The panel will discuss these and other critical issues pertaining to the impact of tax reform one year after passage:

  • How does tax reform change year-end tax planning considerations?
  • Which classes of taxpayers are most impacted by the tax law provisions, and how can year-end planning mitigate any negative effect?
  • Ensuring that new international tax provisions and related reporting obligations are taken into account in year-end plans, and beyond
  • Impact of tax reform’s increased standard deduction on charitable planning
  • Year-end strategies to adjust net operating loss treatment

Faculty

Barsky, Stanley
Stanley Barsky

Partner
Fox Rothschild

Mr. Barsky's practice involves a broad range of transactional and general advisory tax law matters, with a focus on...  |  Read More

Kelly, Bryan
Bryan H. Kelly

Counsel
Venable

Mr. Kelly has private practice and Big Four accounting firm experience advising clients on a multitude of tax matters,...  |  Read More

Lovett, Brian
Brian T. Lovett, CPA, JD

Partner
WithumSmith+Brown

Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses,...  |  Read More

Miller, Kelley
Kelley C. Miller

Counsel
Reed Smith

Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal...  |  Read More

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