Pub. 2 2020 Issue 1

15 nebraska society of cpas W W W . N E S C P A . O R G tax credit and Forms 8962 and 1095- A, and (2) Forms 1095-B and 1095-C. Especially watch for the “income cliff” that can result in the loss of the entire premium tax credit. 10. Review the earned income credit (EIC), child tax credit, American opportunity tax credit (AOTC), and head of household filing status due diligence Form 8867. Especially discuss what goes on line 5. 11. Clients may need help revising their 2020 Form W-4. Review available office software in order to streamline the preparation of 2020 W-4s. 12. Establish and update office rules f o r s e e i n g do c ume n t a t i on on contributions, mortgage interest, and business mileage and meal records. 13. Review 2019-2020 engagement letter and update and review record retention policy for the office and for the client AND, review your notes of important items from theWestern CPE tax update class you attended through the Nebraska Society of CPAs and invite staff to share notes on the classes they took. t Since 1991, Western CPE has been a leader and in- novator in the continu- ing professional education (CPE) industry, focused on accounting and finance. Western CPE is a full-ser- vice CPE provider, offering unique resort conferences, live webcasts, and self-study courses, taught by leading instructors, and is owned and operated by nationally recognized CPAs, Vern Hoven and Sharon Kreider. For more information, visit West- ernCPE.com or email vern@westerncpe.com . Communicating updated information to all staff who deal with returns is crucial. One year, I discovered that my most valuable team member didn’t know what I assumed was a simple “everyone- knows-that” change. and business activities, (2) $2,500 de minimis election for business and rental property expenditures, (3) small taxpayer, small building 2% election, (4) opt-out election for streamlined audit of partnerships and LLCs, (5) the aggregation election for QBI, (6) the 250-hour safe harbor election for QBI and rental real estate, (7) and more. 8. Search for alternative minimum tax (AMT) credit carryovers. Since most clients will not be subject to AMT after TCJA, their carryover credits will be valuable. Form 8801 should show any accumulatedAMTcredits, but prior year returns need to be analyzed carefully to avoid loss of these valuable credits. 9. Review Affordable Care Act (ACA) provisions including: (1) premium REVIEWNEW FORM 1040 REVIEW TAX SOFTWARE MANUAL SEARCH FOR AMT CREDIT CARRYOVERS DISCUSS CHANGES IN REVIEW PROCESS D/T NEW FORM 1040 DISCUSS NEW VIRTUAL CURRENCY AND FOREIGN ASSET QUESTIONS REVIEWNEW INSTRUCTIONS FOR FORMS 1120S AND 1065 REVIEW REQUIRED ELECTIONS AND LOCATE THE SOFTWARE INPUT SHEET FOR EACH REVIEW AVAILABLE OFFICE SOFTWARE TO STREAMLINE THE PREPARATION OF 2020 W-4S ESTABLISH AND UPDATE OFFICE RULES FOR SEEING DOCUMENTATION UPDATE AND REVIEW RECORD RETENTION POLICY FOR THE OFFICE AND FOR THE CLIENT REVIEWNEWQBI DEDUCTION FORMS REVIEW ACA PROVISIONS REVIEWDUE DILIGENCE FORM 8867 2020 TAX SEASON STAFF MEETING AGENDA