Federal Individual and Business Tax Update


Jan 18,2024

PRESENTER(s): J. Patrick Garverick

12:00 PM ET | 11:00 AM CT | 9:00 AM PT | 480 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
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  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

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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: Jan 18, 2024 |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: Jan 19, 2024 | 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:

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

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