Federal Tax Update for Individuals with Greg and George WEBCAST

Overview

Join experts George Koutelieris and Greg White, as they provide a fast-paced, thorough and practical update on the recent federal tax developments affecting individual tax returns. You’ll be able to confidently navigate this maze of significant 2024 tax developments:

• Important IRS policy changes for first-time penalty abatement from late filed tax returns
• New exceptions from the10% early withdrawal penalties that apply to IRAs and qualified plans
• Updates on taxpayer audit rates (what has been the effect of the large influx of funding the IRS received from the Inflation Reduction Act)
• Developments in cutting through IRS red tape by using the IRS Taxpayer Advocate
• Estate tax final regulations covering the “basis consistency” requirements
• A new passive activity case
• New final regulations on required minimum distributions and the penalty for failing to take a required minimum distribution, along with when distributions are required in the year the IRA owner passes away and a strategy for reducing required minimum distributions
• Cryptocurrency reporting
• New reporting thresholds for sales on eBay, VRBO, Ticketmaster, and other 3rd party platforms
• Preparing for “Taxmageddon” - Strategies for reducing taxes as parts of TCJA will expire
• New Supreme Court cases that affect individuals
• Cases “in the trenches” that affect everyday tax issues like substantiation
• Developments in Artificial Intelligence, and how it affects tax research

Highlights

Important new cases. Crucial legislative developments. Review administrative releases including revenue rulings, revenue procedures and notices.

Prerequisites

Basic understanding of federal income taxation concepts.

Designed For

CPAs and tax practitioners.

Objectives

• Identify important 2024 cases, including new Supreme Court cases that affect tax practice. 
• Recognize opportunities to increase clients’ participation in Roth accounts.
• Apply administrative releases, including IRS guidance on cryptocurrency and 3rd party payment reporting. 
• Apply the IRS’s new basis consistency rules in the estate tax area.
• Learn how to utilize the Taxpayer Advocate to cut through IRS red tape.
• Identify planning opportunities for “Taxmageddon” (the scheduled expiration of many of the Tax Cuts and Jobs Act provisions. 
o Identify which provisions won’t change. 

Preparation

None.

Notice

None.