Two-Day Federal Tax Update - Individual and Business

Overview

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.

Highlights

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 Pat Garverick’s Quick Reference Chart.  Topics include but are not limited to:

•  Discuss the most recent individual income tax legislation passed to date 
• Review numerous individual income tax provisions related to business (i.e., sole proprietors and owners in pass through entities) including but not limited to the 20% qualified business income (QBI) deduction, §461(l) business loss limitations, and depreciation.
• Cover issues related and any changes to the various taxes (i.e., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)
• Brush up on other topics such as income filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income, rentals, passive activity rules and individual income tax credits (e.g., child tax credit and dependent care credit)
• Walk through the NEW final required minimum distribution (RMD) regulations
• Look at any changes to the Form 1040 and other related schedules and forms 
• Discuss the most recent business income tax legislation passed to date 
• 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, fringe benefits and entertainment expenses 
• Brush up on issues related to compensation, distributions, liquidations, self-employment taxes and retirement plans
• Look at any changes to the Forms 1120, 1120S, and 1065 and other related schedules and forms

Prerequisites

Background in individual income tax law

Designed For

Tax accountants in public or private practice in need of power-packed two-day Federal individual and business income tax update course. This is a great course to gear up for tax season.

Objectives

Once participants have completed this session, they should be able to:

• Understand the major Federal income tax laws impacting individuals, C & S corporations, partnerships, LLCs, LLPs and their owners 
• Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual and business income tax returns 

Preparation

None

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