In this course, we review current year developments and planning ideas affecting individual, corporate and business income taxation
using a combination of humor and examples. We will emphasize all major new tax legislation as well as other significant tax developments that affect 2023 tax return preparation and 2023 tax planning for individuals, corporations, and non-corporate businesses.
The course format is designed to update CPAs with various levels of experience.
To review major developments in federal income taxation for
individuals, corporations, and other businesses having the greatest
impact on participants, their clients, and their companies. The course
will emphasize developments affecting 2022 returns and tax planning,
including any new 2022 legislation, important regulations, rulings, and
court cases. The seminar is designed to update participants
concerning 2022 tax developments emphasizing practical solutions to
problems and tax planning opportunities.
The major topics covered in this seminar include: 1) A review of the
latest new law provisions affecting 2022 returns; 2) A review of any
late-breaking 2022 tax legislation; 3) Final regulations applicable to tax
years beginning on and after January 5, 2021 outlining the proper
treatment of inventories and use of the cash method for taxpayers with
average gross receipts of $26 million or less and new 2022 Rev Proc
providing rules for automatic changes in accounting methods (including
changes in accounting methods to comply with these new regulations),
4) New regulations modifying the required minimum distribution
(RMD) rules for 2022 to comply with SECURE Act changes, 5)
New life expectancy tables for determining 2022 RMDs, 6) IRS
ruling explaining when vacation home rentals are subject to S/E
tax, 7) New cases determining FBAR penalty calculations, 8)
New pro-taxpayer hobby loss case, 9) Election for Partnerships
and S corporations to pay state income tax at entity level and by
pass Federal SALT limitation, 10) Other new tax cases, rulings, and
regulations expected to have the most significant impact on individuals
and businesses. The presentation will emphasize tax planning
opportunities resulting from these recent developments.
Individuals having one or more Tax Seasons and a general understanding of individual, corporate and business income taxation
who are involved in the preparation and/or review of individual, corporate and business income tax returns or who provide tax planning
advice to individuals and businesses.