This highly informative course comprehensively covers all the latest tax law developments. The focus is on individual taxation and discussion of the planning opportunities practitioners need to understand to help clients respond effectively. You will come away from the course with the up-to-date knowledge to educate your individual tax clients and implement tax-saving ideas that will serve their ever-evolving needs. This course is continually updated to reflect enacted legislation. Please Note: Due to content overlap, it is recommended that this course NOT be taken together with BFTU.
Target Audience
All tax practitioners, both those working in public accounting as well as those in private industry, who need the latest information on tax changes affecting their individual clients
Course Objectives
Understand strategies and tactics to use in light of new legislation
Understand the most current guidance on retirement planning
Understand how to nail down valuable deductions and other reductions to the tax base
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
Residency and Domicile
Selling a principal residence, including tax planning strategies
Real Estate professional requirements
Virtual currency, including recent developments regarding NFTs
Review of pertinent cases and rulings affecting taxpayers
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
