Description

In this continually revised course, tax advisors will be fully updated on the most recent enacted legislation and IRS guidance, as well as major trends on the horizon with a view toward planning considerations. This update course is designed for all practitioners, both those working in public accounting as well as those in private industry, who need the latest information on tax changes. Please Note: Due to content overlap, it is recommended that this course NOT be taken together with BITU.

Target Audience

Accounting and Finance Professionals who need to know the latest tax law changes in all areas of practice, whether newly licensed or a seasoned professional

Course Objectives

• Understand the latest enacted tax law changes
• Understand strategies and techniques to use in light of tax changes
• Understand current cases and rulings affecting individuals and businesses

Subjects

• 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, and Premium Tax Credit
• Comprehensive coverage of the SECURE 2.0 Act, including:
• Expanding Enrollment in Retirement Plans, Increase in Age for Required Beginning Date for Mandatory Distributions, and New Exceptions to Penalty-Free Withdrawal from Retirement Plans
• Timely coverage of breaking tax legislation
• New Form 1099-K reporting requirements
• Detailed analysis and examples of Sale of Passthrough Entity Interest and Net Investment Income Tax
• Bonus Depreciation 
• Section 163(j) 
• Section 174 Research and Experimental Expenditures
• Residency and Domicile
• Selling a principal residence, including tax planning strategies
• Virtual currency, including recent developments regarding NFTs
• New FinCEN reporting requirements in 2024
• 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

Prerequisites

Experience with individual and business clients