Federal Individual and Business Tax Update
EVENT DATE:
PRESENTER(s): J. Patrick Garverick
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Conference Material (Password Required)This course is essential for the tax practitioner who wants to update their knowledge of Individual & Business income taxation. This session is a comprehensive review of the Federal Individual & Business income tax provisions and tax forms/schedules that will affect the 2023 tax returns and 2024 tax projections with an emphasis on newly enacted income tax legislation, court cases, IRS guidance, revenue procedures and private letter rulings affecting individuals and businesses.
With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses, and their owners with an emphasis of newly enacted income tax legislation. Each participant will receive a comprehensive manual with the hottest tax topics including Pat Garverick’s Quick Reference Chart
Federal Individual Income Tax Update Part 1
Date: Dec 28, 2023 |Time: 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes
Session Highlights:
- Review of essential IRC Sections
- Discuss the Form 1040 and other related schedules and forms
- Discuss the most recent individual income tax legislation passed to date
- Review numerous individual income tax provisions related to business (i.e., sole proprietors and owners in pass through entities) including but not limited to the 20% qualified business income (QBI) deduction, §461(l) business loss limitations, §163(j) interest deduction limitations and depreciation.
- Cover issues related and any changes to the various taxes (i.e., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)
- Brush up on other topics such as income filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income, rentals, passive activity rules and individual income tax credits (e.g., child tax credit and dependent care credit)
- Walk through the NEW final required minimum distribution (RMD) regulations
- New credits, deductions, and tax relief
- Maximum benefit from an office-at-home, education deductions and credits
- Health insurance, HRAs, HSAs, Changes in the law by Congress
- Kiddie tax
Federal Business Income Tax Update Part 2
Date: Dec 29, 2023 | Time: 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes
Session Highlights:
- Discuss the most recent individual and business income tax legislation passed to date
- Walk through major tax changes to corporations and partnerships to the income tax forms and other related schedules
- Review numerous business income tax provisions including but not limited to the 20% qualified business income (QBI) deduction; changes to NOLs, §461(l) business loss limitations, §163(j) business interest deduction limitations, accounting method changes, depreciation, retirement plans, fringe benefits and entertainment expenses
- Review other important IRS audit areas such as basis and at-risk limitations for S shareholders and partners, passive activity losses and real estate professionals and self-employment taxes
- Cryptocurrency
- Real estate issues
- Review of internal revenue code section 199A (pass-through entities) including an understanding of the newly released IRS guidance
- Discuss other important IRS audit areas such as:
- Basis and at-risk limitations for S shareholders and partners
- Passive activity losses and real estate professionals
- Self-employment taxes
- Partnership, Corporation and LLC issues
- Defaulted loans and Bankruptcy issues
- The CARES, HEROES, and HEALS acts
- Special rules relating to business use of your home
- Penalties
- Walk through the NEW final required minimum distribution (RMD) regulations
Credits and Other information:
- Recommended CPE credit – 8.0
- Recommended field of study – Tax
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-U-00065-23-O
- Attendance Requirement: Yes
- Session Duration: 8 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
Speaker Profile:
