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UltraTax CS

2019 Year-End Update and Productivity Training: UltraTax CS PLUS Gear Up Business Tax Update

Level: Intermediate

This is a combined full day course with UltraTax CS and Checkpoint Learning coming together for a special Year-End Update. The morning session is designed for new and existing users with a working knowledge of UltraTax CS. This portion highlights the new 2019 features, as well as existing innovative tools and functions within UltraTax CS. In the afternoon session, we will cover important changes due to the guidance provided by IRS for the Tax Cuts and Jobs Act (TCJA) tax reform legislation. You will learn about the data collected and used for Form 1120, 1120S, and 1065 entities. Understanding the important information required to correctly calculate IRC 199A, the elections required of the new consolidated partnership rules, and other changes will be reviewed. Lunch will be provided during this full day session.

For users who are new to UltraTax CS, prerequisites include the UltraTax/1040 Essentials 1 and UltraTax/1120 & 1065 Essentials 1 courses. Target Audience: Professional Staff & Management.

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Course Objectives:

  • Importing excel spreadsheet from Onvio into UltraTax CS statements
  • Using the new Estimated Values delete options
  • Using the Mass Change of Use feature for the ability to do change of use on more than one asset at a time
  • Reviewing the new 1040 “Simplified” or “Post-card” Return
  • Reviewing the new Form 1040-SR, US Income Tax Return for Seniors
  • Reviewing the new Form 8995, Qualified Business Income Deduction Simplified Computation
  • Reviewing the new Form 8995-A, Qualified Business Income Deduction
  • Using the 1065 activity aggregation for QBI under Reg 1.199A-4. IDC 2759 and 2832
  • Using the 1120 Aggregation for Section 199A (QBI) Amounts (TCJA)
  • Understanding how IRC 199A affects tax return calculations
  • Reviewing allowed meals and entertainment expenses according to new guidelines

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