Federal Individual and Business Tax Update
EVENT DATE:
PRESENTER(s): J. Patrick Garverick
Download Attendee Material
Conference Material (Password Required)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.
This 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 Pat Garverick’s Quick Reference Chart
Federal Individual Income Tax Update Part 1
Date: Oct 26, 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
Federal Business Income Tax Update Part 2
Date: Oct 27, 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 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 (part of a residence, furniture,
Credits and Other information:
- Recommended CPE credit – 8.0
- Recommended field of study – Tax
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-U-00065-23-O
- Attendance Requirement: Yes
- Session Duration: 8 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
Speaker Profile:
