[WEB] Year 2024 Tax Update

Description

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Tax Relief for American Families and Workers Act of 2024, Inflation Reduction Act, Consolidated Appropriations Act, Corporate Transparency Act, and any other new tax legislation enacted; and other new regulations, cases, and rulings in all areas of federal taxation. 

Objectives

After completing this course the participant will be able to:

• Discuss updates on changes made by the Tax Relief for American Families and Workers Act (TRAFW) and the Inflation Reduction Act (IRA), including purchasing a new or used electric vehicle and making energy improvements to your residence.
• Discuss the legislative provisions in the CAA of 2023 dealing with the retirement changes in the SECURE 2.0 Act, conservation easement tax shelters, and increased funding limits for SIMPLE IRAs for 2024.
• Discuss the latest guidance on digital assets.
• Describe the options for distributions from qualified plans and IRAs and proposed regs.
• Discuss requirements under the Corporate Transparency Act to report owner information.
• Explain new developments that affect S corporations, LLCs, and partnerships, including the PTE election and the current status of filing Schedules K-2 and K-3.
• Summarize the most recent tax accounting provisions, including changes in method.
• Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals, CCA 202151005, and reporting Airbnb/Vrbo income/loss.
• 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.
• Discuss the recent changes in the estate & gift tax rules, including CRT as listed transaction.
• Discuss recent developments in employment and self-employment tax.