In-person description and objectives
Day 1: Essential Tax Law for Individuals and Businesses
Summary
Day one will provide you with detailed, in-depth information on the most recent legislation, expiring provisions and IRS updates.
Find out the latest tax law changes, guidance and forms that include real-life examples. Taught by a team of instructors using hands-on learning tools, this event provides detailed, in-depth information on the most recent legislation, expiring provisions and IRS updates, leaving you feeling confident to serve your clients. We’ll be covering issues you’ll likely to see in the 2025 tax season when preparing the 2024 tax returns for both individuals and businesses (specific topics to come).
The breakdown:
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Analyze new tax laws and developments for individuals and businesses
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Determine the tax treatment of different sources of income
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Analyze the change in tax rules for certain credits and deductions
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Identify extended and expired tax provisions
Course details
Course Level: Update
Prerequisite: Fundamental knowledge of individual and business income tax
Advanced Preparation: None
Delivery Method: Group-Live
Day 2: Trending Topics and Tax Strategies
Summary
Tax planning is an essential part of the services you offer. Day two covers common situations you’ll need to fully understand to develop appropriate tax strategies for your clients.
Trending topics include how to correct missed depreciation on rental properties, handling the first year of an estate, how to use the home office deduction for different business owners, as well as common issues tax pros encounter with both S corporations and partnerships. To help clarify the practical application of tax strategies, we’ll include examples that demonstrate how tax planning can be customized to meet the unique needs of different clients.
The breakdown:
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Identify when a taxpayer has missed depreciation
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Prepare Form 3115
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Outline the reporting requirements for an estate during the first year
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Determine when to file Form 706 to utilize DSUE portability
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Summarize the requirements for a home office deduction
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Prepare Form 8829
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Outline common S corporation issues including making a late S election, determining reasonable shareholder compensation and handling asset ownership issues
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Summarize common partnerships issues including W-2 wages incorrectly paid to partners, and the requirements and reporting procedures for unreimbursed partnership expenses (UPE)