[WEB] Year 2023 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 infrastructure Bill, Inflation Reduction Act, Consolidated Appropriations Act, and other new tax legislation enacted by the Biden administration; and other new regulations, cases, and rulings in all areas of federal taxation. Content will be finalized in October, and the topics will be updated.   

Objectives

After completing this course the participant will be able to:

• Discuss updates on changes made by the Inflation Reduction Act, including purchasing a new or used electric vehicle and making energy improvements to your residence.
• Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs, including the 10-year payout and penalties for failing to take a RMD.
• 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 and CCA 202151005.
• Discuss the deduction under §199A for qualified business income, how to calculate the deduction, and problems that have been encountered by tax return preparers, safe harbor test of 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.