With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day update course focusing on individual and business income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current Federal individual and business income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to be up to speed quickly and have a successful Federal individual and business income tax filing season.
This session is a comprehensive review of the Federal individual and business income tax provisions and tax forms/schedules that will affect the 2024 tax returns and 2025 tax projections with an emphasis on newly enacted income tax legislation, court cases, and IRS guidance. Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Quick Reference Chart.
Learning Objectives:
Understand strategies and tactics to use in light of new legislation
Understand the most current guidance on retirement planning
Understand how to nail down valuable deductions and other reductions to the tax base
Topics Covered in this IRS Tax Webinar:
Comprehensive coverage of the Inflation Reduction Act, including:
The Clean Vehicle Credit, Credit for Previously Owned Clean Vehicles, Credit for Qualified Commercial Clean Vehicles, Residential Clean Energy Credit, Energy Efficient Home Improvement Credit, Premium Tax Credit, Elective Payment, Transferability, and Prevailing Wage and Apprenticeship Requirements
Comprehensive coverage of the SECURE 2.0 Act, including
Expanding Enrollment in Retirement Plans, Increase in Age for Required Beginning Date for Mandatory Distributions, New Exceptions to Penalty-Free Withdrawal from Retirement Plans, and recent IRS guidance
Timely coverage of breaking tax legislation
Detailed analysis and examples of Sale of Passthrough Entity Interest and Net Investment Income Tax
The Gig Economy -- Tax implications, Independent Contractor vs. Employee Classification, and the 2024 DOL Final Rule
Real Estate professional requirements
Review of pertinent cases and rulings affecting taxpayers
Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more
Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas
Discuss the most recent individual and business income tax legislation passed to date
Review the individual and business income tax provisions of the Tax Cuts & Jobs Act (TCJA), including but not limited to the 20% qualified business income (QBI) deduction; changes to the individual income tax rates, kiddie tax computation, AMT, personal Exemptions, itemized deductions, child tax credit, and income exclusions; lower corporate income tax rates and AMT repeal, changes to NOLs, business loss limitations, interest deduction, accounting method changes, fringe benefits and entertainment expenses
Walkthrough significant tax changes to corporations, partnerships, and/or individuals
Final regulations under §36B.
Understand Coverdell ESA income phase-out limits for 2022-2024.
Proposed Worker Classification Rules Under the FLSA by DOL
Identify American Opportunity Credit income phase-out ranges for 2025.
Review any other income tax changes and discuss other important IRS audit areas
Credits and Other information:
Recommended CPE credit – 4.0
Recommended field of study – Taxes
Session Prerequisites and preparation: None
Session learning level: Advanced
Location: Virtual/Online
Delivery method: Group Internet Based
Attendance Requirement: Yes
Session Duration: 4 Hours
Case Studies and Live Q&A session with speaker
Who Should Attend:
CPA's
Enrolled Agents (EAs)
Tax Professionals
Tax and Estate Planning Attorneys
Accountants
Registered Agents
Tax Compliance Managers
Other Tax Professionals
Finance professionals
Topics Covered in this IRS Tax Webinar:
Comprehensive coverage of the Inflation Reduction Act, including:
The Clean Vehicle Credit, Credit for Previously Owned Clean Vehicles, Credit for Qualified Commercial Clean Vehicles, Residential Clean Energy Credit, Energy Efficient Home Improvement Credit, Premium Tax Credit, Elective Payment, Transferability, and Prevailing Wage and Apprenticeship Requirements
Comprehensive coverage of the SECURE 2.0 Act, including
Expanding Enrollment in Retirement Plans, Increase in Age for Required Beginning Date for Mandatory Distributions, New Exceptions to Penalty-Free Withdrawal from Retirement Plans, and recent IRS guidance
Timely coverage of breaking tax legislation
Detailed analysis and examples of Sale of Passthrough Entity Interest and Net Investment Income Tax
The Gig Economy -- Tax implications, Independent Contractor vs. Employee Classification, and the 2024 DOL Final Rule
Real Estate professional requirements
Review of pertinent cases and rulings affecting taxpayers
Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more
Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas
Discuss the most recent individual and business income tax legislation passed to date
Review the individual and business income tax provisions of the Tax Cuts & Jobs Act (TCJA), including but not limited to the 20% qualified business income (QBI) deduction; changes to the individual income tax rates, kiddie tax computation, AMT, personal Exemptions, itemized deductions, child tax credit, and income exclusions; lower corporate income tax rates and AMT repeal, changes to NOLs, business loss limitations, interest deduction, accounting method changes, fringe benefits and entertainment expenses
Walkthrough significant tax changes to corporations, partnerships, and/or individuals
Final regulations under §36B.
Understand Coverdell ESA income phase-out limits for 2022-2024.
Proposed Worker Classification Rules Under the FLSA by DOL
Identify American Opportunity Credit income phase-out ranges for 2025.
Review any other income tax changes and discuss other important IRS audit areas
Who Should Attend:
CPA's
Enrolled Agents (EAs)
Tax Professionals
Tax and Estate Planning Attorneys
Accountants
Registered Agents
Tax Compliance Managers
Other Tax Professionals
Finance professionals