Stay ahead of the dynamic tax landscape and enhance your expertise in individual and business income taxation with our 2024 Federal Tax Update: Stay Ahead of the Curve course. Specifically designed for tax practitioners, this comprehensive course provides a thorough review of Form 1040 complexities and business income tax complexities. We will cover recent tax legislation changes and delve into important topics that directly impact your clients, including estates, individual and small business pass-through entities, tax planning, recent court cases, and IRS audits.
Course ID: FTUX
2024 Federal Tax Update: Stay Ahead of the Curve
Learning Objectives
- Recall the latest updates and instructions for completing IRS Form 1040 for the current tax season.
- Apply in-depth understandings of IRS Form 1040 (business issues) and various business income tax returns for the current tax season.
Major Topics
- Comprehensive review of business changes implemented by the Tax Cuts and Jobs Act of 2017, with a specific focus on their impact on individual and small business pass-through entities.
- In-depth analysis of internal revenue code section 199A, including a comprehensive understanding of the newly released IRS proposed regulations and their implications for tax planning.
- Exploration of new credits, deductions, and tax relief options available to individuals and businesses.
- Detailed review of all tax credits applicable to both individual and small business taxpayers.
- Examination of Alternative Minimum Tax legislation and other extenders, with insights on their impact on tax planning strategies.
- Discussion of IRS collection issues, lien relief procedures, and recent court cases shaping tax law interpretations.
- Guidelines for effectively reporting fraud losses and handling the repayment of fraudulent gains.
- Analysis of tax implications for online sellers and bartering transactions, focusing on compliance and optimization strategies.
- Alternative strategies for required minimum distributions to maximize tax benefits for individuals and businesses.
- Understanding income and exclusions from cancellation of debt, including considerations for tax planning and reporting requirements.
- Reporting requirements for foreclosures or repossessions of residences and other real estate, ensuring compliance with tax regulations.
- Exploration of health reform and medical issues in relation to tax planning and their impact on individuals and businesses.
- Addressing specific issues related to Schedule C, Schedule F, and Schedule E filings to ensure accurate reporting and compliance.
- Focus on partnership issues, corporation issues, and LLC issues to address tax considerations for different business structures.
- Understanding the impact of extender legislation on individual and small business taxes, including potential opportunities for tax savings.
- Navigating qualified retirement plan issues for individuals and small businesses, including strategies for effective retirement planning.
Who Should Attend
CPAs and EAs
Fields of Study
TaxesPrerequisites
Basic knowledge of individual and business income taxation.