To review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest
impact on participants, their clients, and their companies. The course will emphasize developments affecting 2022 returns and tax planning, including any new 2022 legislation, important regulations, rulings, and court cases. The seminar is designed to update participants concerning 2022 tax developments emphasizing practical solutions to problems and tax planning opportunities.

The major topics covered in this seminar include: 1) A review of the
latest new law provisions affecting 2022 returns; 2) A review of any
late-breaking 2022 tax legislation; 3) Final regulations applicable to tax years beginning on and after January 5, 2021, outlining the proper treatment of inventories and use of the cash method for taxpayers with average gross receipts of $26 million or less and new 2022 Rev Proc providing rules for automatic changes in accounting methods (including changes in accounting methods to comply with these new regulations), 4) New regulations modifying the required minimum distribution (RMD) rules for 2022 to comply with SECURE Act changes, 5) New life expectancy tables for determining 2022 RMDs, 6) IRS ruling explaining when vacation home rentals are subject to S/E tax, 7) New cases determining FBAR penalty calculations, 8) New pro-taxpayer hobby loss case, 9) Election for Partnerships and S corporations to pay state income tax at the entity level and by pass Federal SALT limitation, 10) Other new tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses. The presentation will emphasize tax planning opportunities resulting from these recent developments.

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