2024 Federal Tax Update featuring Greg White & George Koutelieris – Portland

Overview

2024 has seen important tax developments:

• Important IRS policy changes for first-time penalty abatement due to late filed tax returns.
• New final regulations on required minimum distributions and the penalty for failing to take a required minimum distribution.
  • And when distributions are required in the year the IRA owner passes away.
  • A strategy for reducing required minimum distributions.
• Preparing for “Taxmageddon”
  • Strategies for reducing taxes as parts of TCJA are scheduled to expire.
• Important new Supreme Court cases that affect taxpayers.
• S corporation shareholder basis: A very taxpayer-friendly case.
• SECURE Act 2.0 updates, including Roth SEPs and Roth SIMPLE plans.
  • And new reporting rules. 

Join experts George Koutelieris and Greg White, as they provide a fast-paced, thorough, and easy-to-understand update on the recent Federal tax developments. You’ll be able to confidently navigate the maze of 2024 tax developments.

IRS CE: Pending Approval

Highlights

Individuals

• Important IRS policy changes for first-time penalty abatement from late filed tax returns
• New exceptions from the10% early withdrawal penalties that apply to IRAs and qualified plans.
• Updates on taxpayer audit rates (what has been the effect of the large influx of funding the IRS received from the Inflation Reduction Act).
• Developments in cutting through IRS red tape by using the IRS Taxpayer Advocate.
• Estate tax final regulations covering the “basis consistency” requirements.
• A new passive activity case.
• New final regulations on required minimum distributions and the penalty for failing to take a required minimum distribution.
  • And when distributions are required in the year the IRA owner passes away.
  • A strategy for reducing required minimum distributions.
• Cryptocurrency reporting.
• New reporting thresholds for sales on eBay, VRBO, Ticketmaster, and other 3rd party platforms.
• Preparing for “Taxmageddon”
  • Strategies for reducing taxes as parts of TCJA are scheduled to expire.
• New Supreme Court cases that affect individuals.
• Cases “in the trenches”
  • These are cases that affect everyday tax issues like substantiation.
• Developments in Artificial Intelligence, and how it affects tax research.
  

Businesses 

• S corporation shareholder basis (an extremely favorable pro-taxpayer case).
• Self-employment tax for LLC members. 
• Important IRS policy changes for first-time penalty abatement for late filing of tax returns
• Updates on business taxpayer audit rates (the effect of the large influx of funding from the Inflation Reduction Act).
• New cases from the Supreme Court that will affect current tax practice and its future.
• An important case on treating commonly controlled business entities (like S corporations and partnerships) as separate from their owners.
• This case provides tax planning opportunities and is relevant to using S corporations to reduce payroll taxes.
• A new case from the Tax Court defining tax practitioners’ “duty of consistency.”
• New developments in Beneficial Ownership Reporting (the Corporate Transparency Act).
• SECURE Act 2.0 developments including new Roth SEPs and Roth SIMPLE plans.
  • We’ll also cover the new reporting rules.
• New developments in the ERC (employee retention credit).

Designed For

Tax professionals, whether in public practice or industry.

Objectives

• Identify important 2024 cases, including new Supreme Court cases that affect tax practice. 
• Recognize opportunities to increase clients’ participation in Roth accounts.
• Apply administrative releases, including IRS guidance on cryptocurrency and 3rd party payment reporting. 
• Apply the IRS’s new basis consistency rules in the estate tax area.
• Learn how to utilize the Taxpayer Advocate to cut through IRS red tape.
• Identify planning opportunities for “Taxmageddon” (the scheduled expiration of many of the Tax Cuts and Jobs Act provisions.
  • Identify which provisions won’t change.
• Identify important 2024 cases, including four new Supreme Court cases that affect tax practice.
• Apply a brand new very taxpayer friendly case on S corp shareholder tax basis.
• Identify changes in the self-employment tax of LLC members.