COURSE OVERVIEW: This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Inflation Reduction Act, and other new regulations, cases, and rulings in all areas of federal taxation.
LEARNING OBJECTIVES:
After completing this course the participant will be able to:
· Describe the legislative changes made by the Inflation Reduction Act (IRA), including: the increase in IRS funding; IRA provisions effective in 2023; purchase of a new or used electric vehicle; new rules for making energy improvements to your residence; and adding solar and a battery backup to your residence.
· Discuss the legislative provisions in the CAA of 2023 dealing with the retirement changes in the SECURE 2.0 Act and conservation easement tax shelters.
· Discuss the latest guidance on digital assets, including NFTs as a collectible, donating a digital asset to a charitable organization, receiving a digital asset as a payment for services, and the sale of digital assets including elections for dealers and traders, wash sales, and FBAR and FATCA reporting for digital assets.
· Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs, especially since proposed regulations have been issued which affect the 10-year payout, including the new required beginning date of age 73 and the 25% and 10% penalty for failure to take a required minimum distribution.
· Explain new developments that affect S corporations (including disproportionate distributions and second class of stock), LLCs, and partnerships, including the PTE election, the current status of filing Schedules K-2 and K-3, and the updated Schedule K-1 for Form 1065.
· Discuss the new requirements under the Corporate Transparency Act for small businesses to report beneficial ownership information.
· Summarize the most recent tax accounting provisions, including Rev. Proc. 2023-24 on changes in methods of accounting and the updated instructions to Form 3115.
· Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals and CCA 202151005, which details whether the income or loss from an Airbnb is reported on Schedule C or Schedule E.
· Discuss the current status of the return preparer rules, e-filing requirements, and PTINs. · Describe the latest developments in IRS procedures and practices, including Circular 230 and an update on the abatement of penalties. (One hour ethics credit.)
· Discuss the recent changes in the estate and gift tax rules, including the basis of property in an Intentionally Defective Grantor Trust.
· Discuss recent developments in employment and self-employment tax.
WHO SHOULD ATTEND: This course is for accountants who want to stay up to date on federal income taxation.
**7 CPE Taxes** **1 CPE IRS Ethics**
Program Pre-requisite: None
Program Level: Intermediate
Advanced Preparation: None
Type of Delivery: Group Internet Based
**Registration for this course will close on Friday, December 1, 2023 at 5 PM**
**Our speaker will be directly sending you the link to connect to the webinar prior to the start of the event. NCCPAP WILL NOT be providing access to the webinar.**
This program is sponsored by the WESTCHESTER/ ROCKLAND CHAPTER NATIONAL CONFERENCE OF CPA PRACTITIONERS INC. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
New York State License Number: 000124
New Jersey License Number: 20CE00237100
Cancellation policy: you must contact the NCCPAP office three days before the event to receive a refund. For a complete copy of NCCPAP education program policies including refund policy and complaint resolution policy, contact Alexandra DeNiro at 516-333-8282 or e-mail execdir@nccpap.org