No, tax reform was not the end of tax planning. While some ideas no longer work, tax reform has created or changed a number of ideas. Our panel of national experts will discuss whether tax deferral makes sense in the current political climate with a view of what to expect from the next Congress. The SECURE Act was passed in 2020 and it will almost certainly affect most retirement savers; some need to take action now. A major expansion of the cash method of accounting and expanding bonus depreciation have taxpayers trying to balance their decisions with new limits on business losses and net operating losses. Oil and gas tax benefits continue to be potential targets and the restrictions on business losses are already affecting some. Tried and true tax saving devices such as like kind exchanges still exist for real property but the inability to do like kind exchanges for appreciated personal property has taxpayers looking at alternative tax deferral devices like charitable remainder trusts. Qualified opportunity zones are the hot new tax planning idea for real estate investment and capital gain deferral, but implementation can be difficult although the rewards are significant. The use of S corporation ESOPs continues to grow in order to move all of a business entity’s income outside the tax system, but those are complex vehicles that require detailed planning and reporting. Our panel will cover all of these topics and more.
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C. Clinton Davis, JR. practices law in the Dallas, Texas law firm of Krage & Janvey, L.L.P. He was licensed in Texas in 1982, has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988 and is a member of the College of the State Bar of Texas. He has also been licensed as a Certified Public Accountant in Texas since 1980 and as an attorney in Florida since 1980. Mr. Davis attended law school at Southern Methodist University and received his Juris Doctor degree, cum laude, in 1980. At SMU, Mr. Davis was selected to membership in the Order of the Coif, an honor society limited to graduates in the top 10% of the graduating class. Mr. Davis received his bachelor of science degree in accounting from Northwestern State University of Louisiana where he graduated first in his class. Mr. Davis is a frequent speaker at CPE programs and conferences. He is the author of the TSCPA programs Principles of LLC and Partnership Taxation: An Introduction to Subchapter K, Navigating the LLC and Partnership Allocation and Basis Minefield, and LLC and Partnership Taxation for the Sophisticated Practitioner.
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