Federal Tax Update – Individual & Business Update

With the increasing complexity and ever-changing nature of tax laws and issues, in this updated course, Pat will focus on the hottest Federal income tax topics affecting individuals, businesses and their owners with an emphasis of newly enacted income tax legislation. This course is essential for the tax practitioner who wants to update their knowledge of Individual & Business income taxation. This course will provide a comprehensive review of Form 1040 complexities for the 2023 tax year.

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses, and their owners with an emphasis on newly enacted income tax legislation.

This fast-paced CPE session is a comprehensive review of newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures, and private letter rulings affecting individuals and businesses.  Each participant will receive a comprehensive manual with the hottest tax topics including Lynn Mucenski-Keck Quick Reference Chart.

Part1 : | Federal Individual Income Tax Update | 

Date: Oct 24, 2023 |Time: 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes

Session Highlights: 

• Review of essential IRC Sections
• Review of individual changes made by any recent legislation
• New credits, deductions, and tax relief
• Income issues
• Income and exclusions from cancellation of debt
• Itemized deduction issues 
• Health reform and medical issues
• Special income tax treatment of COVID 19 stimulus payments
• COVID – 19 related extensions, carryovers, and effect on loss rules
• Maximum benefit from an office-at-home, education deductions and credits
• Health insurance, HRAs, HSAs, Changes in the law by Congress
• Kiddie tax

Part 2- | Federal Business Tax Update |

Date: Oct 25, 2023 |Time: 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes

Join Lynn Mucenski-Keck, as she delivers up-to-the-day changes in federal tax law for businesses. The course, delivered at a brisk pace and with humor, is designed to meet the needs of the tax planner and return preparer by identifying and responsibly exploring recent important tax developments impacting businesses.

Session Highlights: 

• Review of essential IRC Sections
• Review of business changes made by the Tax Cuts and Jobs Act of 2017
• Review of internal revenue code section 199A (pass-through entities) including an understanding of the newly released IRS guidance
• Schedule C and Schedule F issues
• Discuss other important IRS audit areas such as: 
• Basis and at-risk limitations for S shareholders and partners 
• Passive activity losses and real estate professionals 
•  Self-employment taxes 
• Schedule E Issues
• Partnership issues
• Corporation issues
• LLC issues 
• Special rules for dealing with COVID subsidies
• Code Section 461(l) interacts with Section 382 and its carryover rules
• Defaulted loans
• Bankruptcy issues
• COVID-19 related changes in the tax law
• The CARES, HEROES, and HEALS acts
• Special rules relating to business use of your home
• Reporting the conversion of personal use property to business use

Who Should Attend 

This course is essential for CPAs, CFPs, enrolled agents, estate planners, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Credits and Other information:

Recommended CPE credit – 8.0 Tax Hours

Recommended field of study – Tax

Session Prerequisites and preparation: None

Session learning level: Basic

Field of Study: NASBA Taxes; IRS Federal Tax Update

Location: Virtual/Online

Delivery method: Group Internet Based

NASBA Sponsor: 138804

IRS Course ID: DFFSC

Attendance Requirement:  Yes

Session Duration: 8 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference