Just last week Stacey joined her peers at the Southeast’s Premier Annual CPE (Continued Professional Education) Event Sponsored by the GSCPA. The event consisted of two full days and six educational tracks with courses spanning:
Keynote-Economic Update
- Accounting & Auditing – Public Accounting
- Accounting & Auditing – Industry
- Business & Industry
- Taxation
- Technology
As usual, the event was packed full of excellent speakers and educational opportunities. Here are Stacey’s highlights from the courses she attended:
Reinforced the good economic indicators and trends and further supported/predicted no recession expected 2018-2019. Reduction in federal tax rates and Georgia tax rate reduction from 6% to 5.75% then 5.5% and the expansion of businesses ability to expense asset additions were all seen as positive and contributing factors to continued business growth and economic confidence.
Individual Tax Update and Planning
Included a preview of “draft” Individual tax forms not previously widely seen, which included Statements 1-8. We expect most of our clients will be required to complete and file, at least several of these, in addition to the Form 1040 pages 1 and 2. Session also included a discussion of favorable changes to the AMT.
Corporate Tax Update and Planning
In addition to the big changes and complicated calculations for Flow-Through entities, new partnership “audit program” will require CPAs to ask partnerships to answer additional questions when completing tax returns this upcoming tax season. Changes in NOL (net operating loss) carry-forward/back rules and interest expense deduction limitations are just some of what we expect to be common scenarios that we will be required to navigate through with the new tax laws effective this upcoming tax season.
Georgia’s Film Tax Credit Update
While state tax credits continue to be popular tax minimization vehicles and the supply is currently greater than ever, the industry is mindful of potential changes is legislation.
Section 199A Deduction aka Pass-thru 20% Qualified Business Income Deduction
Big changes and complicated calculations for Flow-Through entities. Clarification on Qualified Businesses eligible for 20% Deduction and which “service” businesses are not eligible.
Key take-aways from the 2018 SEAS:
Tax preparation and minimization will be more complicated and take more time in the upcoming year. It will be incredibly challenging with the largest changes in law, forms and application of more informational reporting requirements for CPAs and businesses in more than 30 years.
These changes will require additional communication with clients to review tax preparation changes and suggestions, which GSCPA views as a huge opportunity for preparers who are poised to be informed advisors.
Although the promised “postcard” tax return was initially seen as an early indicator that the future of the accounting industry might be at risk, clearly the added complexities in the code elsewhere ensure the job stability and necessity of Certified Public Accountants.
