Federal Tax Update with Greg and George

Overview

• 2024 has seen significant tax developments in areas like:
• • Individuals
• • Important IRS policy changes for first-time penalty abatement due to late filed tax returns
• • New exceptions to the 10% early withdrawal penalties that apply to IRAs and qualified plans.
• • Updates on taxpayer audit rates, including the effect of the large influx of funding received by the IRS from the Inflation Reduction Act. 
• • Developments in cutting through IRS red tape by using the IRS Taxpayer Advocate.
• • Final estate tax 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. 
• o And when distributions are required in the year the IRA owner passes away.
• • 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”
• o Strategies for reducing taxes as parts of TCJA are scheduled to expire.
• • New Supreme Court cases that affect individual taxpayers. 
• • “In the trenches” cases: Everyday tax issues like substantiation.
  
• • Developments in Artificial Intelligence and its impact on tax research
• • Businesses 
• • S corporation shareholder basis: A very taxpayer-friendly 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 audit rates and the effect of increased IRS funding under the Inflation Reduction Act.
• • New Supreme Court cases that will impact current and future tax practice.
• • An important case on the treatment of commonly controlled business entities (such as S corporations and partnerships) as separate from their owners, which provides tax planning opportunities.
• • A new Tax Court case defining the "duty of consistency" for tax practitioners.
• • Developments in Beneficial Ownership Reporting under the Corporate Transparency Act.
• • SECURE Act 2.0 updates, including Roth SEPs and Roth SIMPLE plans.
• o And new reporting rules. 
• • New developments in the Employee Retention Credit (ERC).
• 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 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. 
• 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. 

Preparation

None.

Notice

None.