Federal Tax Update-Individuals and Business (In-Person)  (FTAU-SC)

8.00 CPE Credit Hours

Special Note: This course is also being offered via live simulcast. Register for the online attendance here.

This course has been designed to review all changes affecting for-profit taxpayers. Just the facts without the frills! Updated throughout the year for up-to-the-minute changes and court cases, this course will keep you in the loop for the latest updates.

CPAs and other business professionals

To review recent changes to individual and business tax regulations.

• Complete analysis of the SECURE Act 2.0, including:
  o Additional qualified plan and IRA catch up contributions allowed 
  o When qualified plan catch up contributions may only be Roth contribution 
  o RMD age changes again and IRS provides transition relief for those who failed to comply 
  o Student loan payments may be treated as employee qualified plan contributions 
  o §529 plan balances may be rolled to Roth IRAs 
  o Penalties - Excess accumulation penalty reduced and new early withdrawal penalties added 
  o Disaster relief distribution provision permanently added 
  o Auto enroll mandatory for new §401(k) and §403(b) plans 
  o PLESA – pension-linked emergency savings accounts
• Corporate Transparency Act and how it will impact clients 
• Overview and analysis of newly issued IRS regulations and other guidance for energy credits 
• IRS increases scrutiny of dubious Employee Retention Credit claims and adds ERC to the Dirty Dozen list 
• New small business “Beneficial Ownership” reporting required starting for 2024 
• IRS working to improve taxpayer assistance: 
  o Reopening 35 Taxpayer Assistance Center 
  o Improving taxpayer and IRS online interactions 
  o Increased functionality of Individual, Business and Tax Professional online accounts
• IRS establishes a new tip reporting program 
• R&D cost capitalization update 
• Latest 1099-K update 
• Latest developments for crypto assets – guidance is finally arriving 
• Analysis of multiple tax planning strategies for businesses and business owners 
• New regulations categorize some micro-captive transactions as reportable transactions 
• IRS steps up enforcement of FBAR rules – non-compliant taxpayers are paying plenty! 
• New e-filing requirements on the way for 2023 returns 
• Are artificial intelligence chat bots the future of tax prep? Not so fast! We’ll talk about ChatGPT 
• Other tax developments for individuals, partnerships, LLCs, corporations, estates and non-profit organizations, including the latest:
  o Court cases 
  o Regulations 
  o IRS rulings and notices 
  o Inflation adjustments