Federal Tax Update for Business with Greg and George WEBCAST

Overview

2024 has seen significant tax developments in areas like:
• S corporation shareholder basis (an extremely favorable pro-taxpayer case), 
• Self-employment tax for LLC members, 
• Important IRS policy changes for first-time penalty abatement for late filing of tax returns
• Updates on business taxpayer audit rates (the effect of the large influx of funding from the Inflation Reduction Act).
• New cases from the Supreme Court that will affect current tax practice and its future.
• An important case on treating commonly controlled business entities (like S corporations and partnerships) as separate from their owners. 
o This case provides tax planning opportunities and is relevant to using S corporations to reduce payroll taxes. 
• A new case from the Tax Court defining tax practitioners’ “duty of consistency.”  
• New developments in Beneficial Ownership Reporting (the Corporate Transparency Act). 
• SECURE Act 2.0 developments including new Roth SEPs and Roth SIMPLE plans.
o We’ll also cover the new reporting rules. 
• New developments in the ERC (employee retention credit).
• SECURE Act 2.0 developments including new Roth SEPs and Roth SIMPLE plans.
o We’ll also cover the new reporting rules. 
Join experts George Koutelieris and Greg White, as they provide a fast-paced, thorough and easy-to-understand update on the recent Federal tax developments. You’ll be able to confidently navigate maze of 2024 tax developments.

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 four new Supreme Court cases that affect tax practice. 
• Apply a brand new very taxpayer friendly case on S corp shareholder tax basis.
• Identify changes in the self-employment tax of LLC members.
• Learn when courts will respect the separate legal status of a legal entity (this is crucial for saving payroll taxes with an S corporation). 
• Recognize opportunities to increase clients’ participation in Roth accounts.
• Review administrative releases, including IRS guidance on Employer Educational Assistance. 
• 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.