Federal Individual and Business Tax Update

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

Federal Individual Income Tax Update Part 1

Date: Nov 21, 2024 | Time: 11:00 AM ET | 10:00 AM CT | 08:00 AM PT | 240 Minutes

Topics include:

• 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
• Form 1099-K reporting requirements
• Detailed analysis and examples of Sale of Pass-through Entity Interest and Net Investment Income Tax
• The Gig Economy -- Tax implications, Independent Contractor vs. Employee Classification, and the 2024 DOL Final Rule
• New FinCEN reporting requirements under the Corporate Transparency Act in 2024
• Employee Retention Tax Credit updates
• 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

Date: Nov 22 , 2024 | Time: 11:00 AM ET | 10:00 AM CT | 08:00 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
• NASBA Sponsor: 146439
  
• 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's
  
• Tax Attorneys
• Accountants
• Tax Compliance Managers
• Other Tax Professionals

Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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.