Virtual description and objectives

Essential Tax Law for Individuals and Businesses

Summary

These topics will include detailed, in-depth information on the most recent legislation, expiring provisions and IRS updates.

We’ll be covering issues you’re likely to see in the 2025 tax season when preparing the 2024 tax returns for both individuals and businesses (specific topics to come).

Objectives

Analyze new tax laws and developments for individuals and businesses
Determine the tax treatment of different sources of income
Analyze the change in tax rules for certain credits and deductions
Identify extended and expired tax provisions

Day2

Trending Topics and Tax Strategies

Summary

These topics will cover today’s current trends in tax preparation and planning, as well as common situations in which you’ll need to be prepared to develop a tax strategy for your client. 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.

Objectives

Identify when a taxpayer has missed depreciation 
Prepare Form 3115 
Outline the reporting requirements for an estate during the first year 
Determine when to file Form 706 to utilize DSUE portability 
Summarize the requirements for a home office deduction 
Prepare Form 8829 
Outline common S corporation issues including making a late S election, determining reasonable shareholder compensation and handling asset ownership issues  
Summarize common partnerships issues including W-2 wages incorrectly paid to partners, and the requirements and reporting procedures for unreimbursed partnership expenses (UPE)

Course details

Course Level: Intermediate

Prerequisite: Fundamental knowledge of individual and business income tax

Advanced Preparation: None

Delivery Method: Group Internet-Based