Description

Objective

To review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest impact on participants, their clients, and their companies. The course will emphasize developments affecting 2022 returns and tax planning, including any new 2022 legislation, important regulations, rulings, and court cases. The seminar is designed to update participants concerning 2022 tax developments emphasizing practical solutions to problems and tax planning opportunities.

Highlights

The major topics covered in this seminar include: 1) A review of the latest new law provisions affecting 2022 returns; 2) A review of any late-breaking 2022 tax legislation; 3) Final regulations applicable to tax years beginning on and after January 5, 2021 outlining the proper treatment of inventories and use of the cash method for taxpayers with average gross receipts of $26 million or less and new 2022 Rev Proc providing rules for automatic changes in accounting methods (including changes in accounting methods to comply with these new regulations), 4) New regulations modifying the required minimum distribution (RMD) rules for 2022 to comply with SECURE Act changes, 5) New life expectancy tables for determining 2022 RMDs, 6) IRS ruling explaining when vacation home rentals are subject to S/E tax, 7) New cases determining FBAR penalty calculations, 8) New pro-taxpayer hobby loss case, 9) Election for Partnerships and S corporations to pay state income tax at entity level and by pass Federal SALT limitation, 10) Other new tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses. The presentation will emphasize tax planning opportunities resulting from these recent developments.

Who Should Attend

Individuals having one or more Tax Seasons and a general understanding of individual, corporate and business income taxation who are involved in the preparation and/or review of individual, corporate and business income tax returns or who provide tax planning advice to individuals and businesses.

Required Knowledge

Detailed Knowledge of Individual Income Taxation and Individual Income Tax Return Preparation.

Advanced Prep

At Least One “Tax Season.”