2024 Individual Federal Tax Update (Half-Day Webinar) (Sold Out)

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If last year was action packed, this year promises to be even more so. Join expert Greg White, as he provides an update on the most recent changes affecting businesses that you’ll need to navigate through the maze of new tax regulations and cases. Join expert Greg White, as he provides a fast-paced, thorough and practical update of 2024 Federal tax developments. You’ll be able to confidently navigate the maze of 2024 tax developments.

Topics Covered

• Important IRS policy changes for first-time penalty abatement from late filed tax returns
• New exceptions from the10% early withdrawal penalties that apply to IRAs and qualified plans
• Updates on taxpayer audit rates (what has been the effect of the large influx of funding the IRS received from the Inflation Reduction Act)
• Updates on taxpayer audit rates (what has been the effect of the large influx of funding the IRS received from the Inflation Reduction Act)
• Developments in cutting through IRS red tape by using the IRS Taxpayer Advocate
• Estate tax final regulations covering the “basis consistency” requirements
• A new passive activity case
• New final regulations on required minimum distributions and the penalty for failing to take a required minimum distribution
• When distributions are required in the year the IRA owner passes away
• A strategy for reducing required minimum distributions
• Cryptocurrency reporting
• New reporting thresholds for sales on eBay, VRBO, Ticketmaster, and other 3rd party platforms
• Preparing for “Taxmageddon”
• Strategies for reducing taxes as parts of TCJA will expire
• New Supreme Court cases that affect individuals
• Cases “in the trenches”
• Cases that affect everyday tax issues like substantiation
• Developments in Artificial Intelligence, and how it affects tax research

Learning Objectives

• Identify important 2024 cases, including new Supreme Court cases that affect tax practice
• Recognize opportunities to increase clients’ participation in Roth accounts
• Apply administrative releases, including IRS guidance on cryptocurrency and 3rd party payment reporting
• Apply the IRS’s new basis consistency rules in the estate tax area
• Learn how to utilize the Taxpayer Advocate to cut through IRS red tape
• Identify planning opportunities for “Taxmageddon” (the scheduled expiration of many of the Tax Cuts and Jobs Act provisions
• Identify which provisions won’t change

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None