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Overview

8.0 Credits
IN-PERSON

With the increasing complexity and ever-changing nature of tax laws and issues, today's accountant needs a one-day update course focusing on individual income tax issues. Review the current Federal individual income tax laws and new tax forms, changes to existing tax forms, and tax planning opportunities and pitfalls.

Objectives

  • Understand the major Federal income tax laws impacting individuals
  • Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual income tax returns

Major Topics

This session is a comprehensive review of the Federal individual income tax provisions and tax forms/schedules that will affect the 2023 tax returns and 2024 tax projections with an emphasis on newly enacted income tax legislation, court cases, and IRS guidance.  Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include but are not limited to: 
  • Discuss the most recent individual income tax legislation passed to date (e.g., SECURE Act, CARES Act and COVID-related Tax Relief Act of 2020 and Taxpayer Certainty & Disaster Relief Act of 2020)
  • Review the individual income tax provisions of the Tax Cuts & Jobs Act (TCJA) including but not limited to the 20% qualified business income (QBI) deduction; changes to the income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, NOLs, business loss limitations, interest deduction, accounting method changes and income exclusions 
  • Look at any changes to the Form 1040 and other related schedules and forms
  • Cover issues related to the various taxes (i.e. income, capital gain, self-employment and alternative minimum tax (AMT))
  • Review changes to depreciation, itemized deductions, adjustments to income, passive activities and tax credits

Prerequisite

Background in individual income tax law

Sessions

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Thursday, December 7, 2023

General Sessions
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