[WEB] Year 2022 Tax Update

Description

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the American Rescue Plan Act and other new tax legislation enacted by the Biden administration; and other new regulations, cases, and rulings in all areas of federal taxation through October 15, 2022.

Objectives

• Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs.
• Explain new developments that affect S corporations, LLCs, and partnerships.
• Summarize the most recent tax accounting provisions.
• Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals and CCA 202151005.
• Discuss the final regulations on the deductibility of entertainment expenses, business meals, travel meals, and meals related to an entertainment activity.
• Discuss the deduction under §199A for qualified business income and how to calculate the deduction and the problems that have been encountered by tax return preparers, including defining a specified service business, safe harbor test of Rev. Proc. 2019-38, alternative options to Rev. Proc. 2019-38, self leasing rules, and aggregation rules.
• Describe the latest developments on depreciation; bonus depreciation, §179 deduction, and the status of qualified improvement property.
• 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 and gift tax rules.
• Discuss recent developments in employment and self-employment tax.