2019 Tax Toolbox Self-study course


The most PRACTICAL seminar of 2019!

Not just theory...Real-life application!

           Topics covered include:

Tax Cuts and Jobs Act - Stuff You Still Don't Know

1031 Exchanges of Real Estate

Sale of a PTP

Form 4797 - Sale of Business Assets

Net Operating Losses - New TCJA Rules

$259 includes audio recording of a live class and 8 hours Federal Tax Law CPE.

Tax Cuts and Jobs Act - Stuff You Still Don't Know

Tax season is over and you've implemented the changes outlined in the Tax Cuts and Jobs Act, but applying the new law has raised many new questions. Now it is time to go a step beyond what you already know about the TCJA to find the answers to the problems that have arisen.  Some of the areas covered will include:

  • Calculating the QBI deduction when a business is part specified service business and part not
  • Effect of pension contributions on the §199A deduction
  • Adjustments needed when passive  losses from prior years are deducted
  • How long to include property basis in the §199A deduction calculation
  • Altering the §199A calculation when depreciation corrections are made
  • Determining "unadjusted basis in property" when property was acquired in an exchange
  • Properly including inherited property in the QBI deduction calculation
  • What is your software getting right and what is it not?!?

§1031 Exchanges of Real Estate

Is this you? You’ve taken classes about like-kind exchanges and think you know the concepts, but when it comes time to actually enter the transaction into your software you suddenly feel lost. It’s not your fault! To complete like-kind exchange calculations you really need only 6 numbers: 

  • FMV of the old property
  • FMV of the replacement property
  • Basis of the old property
  • Loan amount on the old property
  • Loan amount on the replacement property
  • Total “selling” expenses 

You know where to get all those numbers, right? So why does your software make it so hard?!? And when a client asks about the tax ramifications of doing a like-kind exchange does it take you hours to run all the possible scenarios? I have cracked the code and figured out how to get it into your software! Our amazing worksheet and a checklist will lead you through the process, and you will gain a new understanding of the basic concepts which will allow you to quickly provide your clients with accurate advice about the outcome of their planned exchanges.

Sale of a PTP

Publicly Traded Partnership income qualifies for the QBI deduction. So does ordinary income upon sale. With the possibility of a large QBI deduction it becomes more important than ever to properly report PTPs. 

  • Properly apply the basis, at-risk, and passive loss limits
  • Understand why the capital account is not always the basis
  • Determine where to find the info needed to claim the QBI deduction
  • Learn what those “Excess Business Interest” numbers mean
  • Know what state adjustments are needed
  • Understand filing requirements for nonresident states
  • Quickly report the sale of a PTP – It is easier than you think!
  • Worksheet to help you double-check what your software does with the info you enter

Form 4797 - Sale of Business Assets

Ordinary income creates QBI, which may qualify for the §199A deduction, but do you know when the sale of a business asset creates ordinary income and when it creates a capital gain? Get all these questions answered:

· What do §1231, §1245, and §1250 mean?

· What part of the Form 4797 do I use?

· What is the difference between §1245 recapture and §1250 recapture?

· What is the difference between personal property and real property sales?

· What sale income qualifies for the QBI deduction?

· Is your software correctly calculating the QBI deduction? 

Net Operating Losses

Beginning in 2019, NOLs will no longer be able to offset 100% of taxable income, but only when using a 2018 NOL. Pre-2018 NOLs can still offset 100% of taxable income! And state income taxes paid on business income are a business expense that can create an NOL, but if your deduction was limited to $10,000 then did you deduct the state income taxes or did you deduct the real estate taxes? Before we can understand how an NOL is used we need to understand how it is created, so we’ll start at the beginning and work the problem all the way through to the end. We’ll also explore whether your software is calculating the NOL correctly. (It’s NOT!) Understanding what assumptions your software makes and what simple entries you are overlooking will help you assure that these calculations are done correctly, and learning which elections to choose will decrease your clients’ taxes! 


8 hours of federal tax law CPE.   

Includes audio recording of a live class and digital copy of textbook.

Requires completion of 40 question assessment test with score of at least 70%.

Level: Intermediate

Prerequisites: None

IRS Course #UD2VU-T-00063-19-I

CTEC Course #1008-CE-1089

2019 Tax Toolbox course is taught by Lisa Ihm, EA

Lisa Ihm, EA became an Enrolled Agent in 1986 and has been teaching seminars nationwide since that time.  Rather than simply reciting the rules, she breaks them down and uses a methodical, step-by-step approach to help you understand how tax laws will apply to taxpayers in the "real world". Then she digs below the surface to make you think about how tax laws affect your clients and how you can use those laws to your clients’ benefits. Her fast-paced, engaging style will make this seminar both informative and fun! 



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This seminar has been designed to meet the requirements for 8 Federal Tax Law continuing education hours for EAs, CRTPs, and CPAs. We have entered into an agreement with the Office of the Director of Practice, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, Section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors and length of class hours. This agreement does not constitute an endorsement by the Director of Practice as to the quality of the program or its contribution to the professional competence of the enrolled individual. 

Program numbers

IRS UD2VU-T-00063-19-I

IRS UD2VU-T-00063-19-S Self-study



This seminar has been designed to meet the requirements for 8 hours of Federal Tax Law for the California Tax Education Council. This does not constitute endorsement by the CTEC as to the quality of the course or its contribution to the professional competence of the preparer. 

  For more information regarding administrative policies such as complaints or refunds, contact Brass Tax at (858) 487-2553.  

Program numbers

CTEC 1008-CE-1088

CTEC 1008-CE-1089 Self-study



Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Program ID # 262236