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Team Tax – Federal Tax Update (Hybrid) (SMTXPI01/22)

Event Description

“Things Change” . . . nowhere is that more true than in your tax practice. Congress changed some parts of the Internal Revenue Code three times in two years. Frequently Asked Questions (FAQs) have been the IRS’s favored method for telling us how those changes are supposed to work. But, can we rely on them when audited ? Some of your clients will qualify for a series of new (and some old) tax credits limited only by Modified Adjusted Gross Income (MAGI).  This course explains the four different MAGI calculations. In this course, a team of commentators will each present a one-hour segment focused on significant developments affecting topics such as personal income tax, business income and deductions, Representing clients in collection cases, wealth transfer planning, fringe benefits, Tax Court decisions, Tax decisions by Courts of Appeal, guidance on most recent tax legislation, IRS information and audit initiatives

CFP CE Approved

Enrolled Agent Approved

 

Designed For

Every CPA, EA, or Attorney who gives tax advice on Federal tax matters or prepares Federal tax returns of any kind.

Objectives

You will be able to:

  • Apply information to planning and compliance for individual tax clients and assist with negotiation of payment plans for tax liabilities that exceed current payments
  • Recognize planning opportunities and pitfalls in taxation of business transactions.
  • Provide suggestions for changes to  wealth transfer planning when the law changes.
  • Apply knowledge of IRS initiatives to avoid surprises in your practice.
  • Analyze FAQs to identify how apply and document in connection with return positions.
  • Apply changes to rules regarding required health care coverage, HSAs, HRAs, IRA distributions for health issues, and taking full advantage of employee benefit plans.
  • Advise business clients on best cost recovery options . . . bonus depreciation, Section 179, effect of cost segregation studies, value of an accounting method minimum capitalization policy.
  • Establish data security program in accordance with IRS guidance. 

 

Major Subjects

  • Things You Should Know about Individual Compliance – (But Might Not Have Known to Ask) – 2021
  • Tax and Financial Planning with IRAs – Critical Tax Planning Content
  • Individual Cases and Rulings – What You Need to Know about Cryptocurrencies and Other Hot Issues
  • What We Need to Know About the New Law for Individuals
  • Lord Don’t Tax Me Twice – Pass Through Entities – Partnerships and S Corps
  • Employee Retention Credit – Don’t Fire Me You’ll Lose the Credit
  • Tax Compliance for PPP, EIDL and Other Loans and Grants – It’s Acronym Heaven
  • Business Tax Update 2021 and Where We’re Going 2022