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Seminar

Year 2023 Tax Update (804)

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Meeting Times:

Tuesday, November 14, 2023 8:30 AM - Tuesday, November 14, 2023 4:30 PM
The meeting time above is expressed in MOUNTAIN TIME, which is:
Eastern Time:
10:30 AM - 6:30 PM
Central Time:
9:30 AM - 5:30 PM
Pacific Time:
7:30 AM - 3:30 PM

Price:

Single Price: $220.00
Multiple Discount Price: $220.00

Location:

Internet Course - Live Streamed

Delivery Method:

Group Internet Based

Credit Hours:

7.0 IRS Federal Tax Update MF2AY-U-01416-23-O
1.0 IRS Ethics MF2AY-E-01415-23-O

CTEC Credits:

8.0 7 Federal Tax Update & 1 Ethics 1066-CE-1225

Field of Study:

Taxes - Technical; and Regulatory Ethics - Technical

Course Level:

Intermediate

Prerequisites:

Working knowledge of federal income taxation

General Description:

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Inflation Reduction Act, Consolidated Appropriations Act, Corporate Transparency 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. The topics listed below will be updated this fall.

Learning Objectives:

After completing this course the participant will be able to:

  • Describe the legislative changes made by the Inflation Reduction Act (IRA), including: the increase in IRS funding; IRA provisions effective in 2023; purchase of a new or used electric vehicle; new rules for making energy improvements to your residence; and adding solar and a battery backup to your residence.
  • Discuss the legislative provisions in the CAA of 2023 dealing with the retirement changes in the SECURE 2.0 Act and conservation easement tax shelters.
  • 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 and the 25% and 10% penalty for failure to take a required minimum distribution.
  • Explain new developments that affect S corporations (including disproportionate distributions and second class of stock), LLCs, and partnerships, including the PTE election, the current status of filing Schedules K-2 and K-3, and the updated Schedule K-1 for Form 1065.
  • Discuss the new requirements under the Corporate Transparency Act for small businesses to report beneficial ownership information.
  • Summarize the most recent tax accounting provisions, including Rev. Proc. 2023-24 on changes in methods of accounting and the updated instructions to Form 3115.
  • 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 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 basis of property in an Intentionally Defective Grantor Trust.
  • 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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