Year 2024 Tax Update (865)

General Description:

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, other new tax legislation enacted by the Biden administration, and any legislation enacted after the November election; and other new regulations, cases, and rulings in all areas of federal taxation. The topics below will be updated in October to reflect developments during 2024.

Learning Objectives:

After completing this course the participant will be able to:

• Describe the legislative changes made by the Tax Relief for American Families and Workers Act (TRAFW) and the Inflation Reduction Act (IRA), including: the increase in IRS funding; IRA provisions effective in 2024; purchase of a new or used electric vehicle; new rules for making energy improvements to your residence; adding solar and a battery backup to your residence; nonbusiness casualty losses in a Presidentially declared disaster area; and the tax treatment of any state or property tax refunds.
• 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, including NFTs as a collectible, donating a digital asset to a charitable organization, receiving a digital asset as a payment for services, and the sale of digital assets including elections for dealers and traders, wash sales, and FBAR and FATCA reporting for digital assets.
• Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs, especially since proposed regulations have been issued which affect the 10-year payout, including the new required beginning date of age 73, 25% and 10% penalty for failure to take a required minimum distribution, and waiver of a RMD in 2023 but not 2024.
• Explain new developments that affect S corporations (including disproportionate distributions and second class of stock), LLCs, and partnerships, including the PTE election, new filing requirements for Form 8308, the updated Schedule K-1 for Form 1065, and other changes to Form 1065 and Form 1120S.
• Discuss the filing requirements under the Corporate Transparency Act for small businesses to report beneficial ownership information, and legal challenges to the CTA
• Summarize the most recent tax accounting provisions, including Rev. Proc. 2023-24 on changes in methods of accounting, the updated instructions to Form 3115, and the status of monetized installment sales as a listed transaction.
• Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals and CCA 202151005, which details whether the income or loss from an Airbnb/Vrbo is reported on Schedule C or Schedule E.
• 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 and an update on the abatement of penalties. (One hour ethics credit.)
• Discuss the recent changes in the estate and gift tax rules, including the status of a Charitable Reminder Trust as a listed transaction.
• Discuss recent developments in employment and self-employment tax.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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