Federal Tax Update for the Seasoned Tax Practitioner Self-Study Webcast

To update experienced tax professionals on specific critical areas of the federal tax code, and show them how to effectively handle these important issues and complete the required tax forms.

• Understand the frequency and impact of tax legislation changes in the post-pandemic environment

• Identify the factors that influence the choice of business entity, including tax ramifications and operational flexibility

• Recognize the changes to individual tax brackets introduced under the Tax Cuts and Jobs Act (TCJA)

• Recognize the top individual tax bracket percentage under the TCJA for the years 2018-2025

• Recognize the impact of the TCJA on personal exemptions and their current status

• Recognize the AGI threshold for itemized medical and dental expenses as set by the Consolidated Appropriations Act of 2021

• Identify how the TCJA affected tax rates for capital gains and qualified dividends

• Identify the maximum contribution limits for traditional IRAs for individuals over age 50 in 2025

• Recognize the latest extension period for the exclusion of canceled qualified principal residence debt under the Consolidated Appropriations Act of 2021

• Identify the tax-free rollover limits for 529 college savings plans to Roth IRAs under the SECURE 2.0 Act

• Recognize the key changes to the "kiddie tax" made by the TCJA and its subsequent revisions under the SECURE Act

• Identify the current tax rate applied to unearned income subject to the kiddie tax

• Identify which provisions of the Affordable Care Act were retained or eliminated under the TCJA

• Identify which business entities qualify for the Section 199A deduction under the TCJA

• Recognize the impact of income exceeding the Section 199A phase-out range on deduction eligibility for non-qualifying businesses

• Understand the percentage deduction allowed under the TCJA for qualified business income from pass-through entities

• Identify qualified property under Section 199A, including depreciation and usage conditions

• Recognize the excise tax rate imposed on the repurchase of stock by publicly-traded corporations under the Inflation Reduction Act

• Recognize the overall approach taken by Congress to give income tax relief to pass-through income recipients

• Recognize those types of professional service businesses falling outside the limitations of non-qualifying businesses

• Identify the scenarios under which limitations to the Section 199A deduction will apply

• Recognize basic tax planning considerations involving the Section 199A QBI deduction

• Recognize the TCJA limitations on the deduction of net business interest expense

• Recognize the carryback and carryforward regime for corporate NOLs under the TCJA

• Recognize the changes made to NOLs under both the TCJA and the CARES Act

• Identify the most recent Section 179 expensing limits

• Identify the most recent bonus depreciation limits

• Identify the credit available to employers who pay wages to employees on family and medical leave

• Identify the effect of the TCJA on an individual’s estate and gift lifetime exemption amount

• Recognize those taxpayers qualifying for the exemption for repatriations from foreign corporations under the TCJA

• Identify the effective tax rate applicable to GILTI before and after 2025

• Recognize the tax treatment of alimony payments under post-2018 divorce agreements

• Identify the eligibility criteria and limits for the small employer pension plan startup cost credit under SECURE 2.0

• Recognize how capital gains and qualified dividend tax rates were aligned under the TCJA

• Identify the maximum contribution limit for 529 plan rollovers to Roth IRAs under SECURE 2.0

• Identify the deduction limit for state and local taxes (SALT) under the TCJA until 2025

• Recent Changes & Legislation
  – Standard deduction and exemptions
  – State and local deductions
  – Charitable contributions
  – Casualty and theft losses
  – Itemized deductions
  – Capital gains and qualified dividend tax rates
  – Adjustments/income exclusions
  – Affordable Care Act and the premium tax credit
  – 529 college savings plans
• Section 199A Deduction Under the TCJA
  – Deduction computation
  – Planning considerations
  – Pass-through entities
• Changes to Business Tax Provisions
  – Corporate tax rates
  – Fringe benefits
  – Business interest
  – Net operating losses
  – Research and expenditures
  – Depreciable assets changes
  – Penalties and fines
• Tax Relief for Employers Impacted by COVID-19
• The SECURE 2.0 Act
• Estate & Gift Tax Provisions
• US Taxation of Foreign Income
  – Earning and profits transition tax
  – Participation exemption system
  – Prevention of base erosion
• Tax Implications of Divorce & Separation