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 individuals that you’ll need to navigate through the maze of tax legislation.
Publication Date: November 2022
Topics Covered
- Brand new reporting requirements (Form 1099-K)
- Will student loan forgiveness be taxable?
- New crypto question on Form 1040
- And new crypt reporting Form 1099-DA
Tax planning in an era of inflationPassive activitiesMaterial participationReal estate professionals$1.2 billion in IRS refundsIRS Data BookAudit ratesYear-end planningLoss harvesting and loss banksPersistent documentation problem -- CWAsInflation Reduction ActWhen to buy an EVSolar panel creditsEnergy efficient home improvement itemsExcess business losses
Learning Objectives
- Identify important 2022 cases
- Recognize how to apply legislative developments
- Identify important provisions in the Inflation Reduction Act
- Identify and review administrative releases
- Recognize how to apply new legal developments to your practice
- Identify the 2023 gift exclusion amount
- Identify the Social Security 2023 COLA benefit increase
- Identify the 2023 401(k) basic contribution exclusion
- Identify the form the IRS will require to be completed with respect to cryptocurrency and other digital assets starting in 2024
- Identify the percentage of taxpayers on average that fight an IRS audit increase based on the IRS Data Book
- Identify the year the surplus is expected to be fully depleted by based on the Social Security Trustees' Report
- Identify the organization that was very critical of the low allocation to taxpayer service by the IRS from the Inflation Reduction Act
- Identify the maximum 2023 EV credit
- Identify the percentage solar capacity is predicated to increase over the next 5 years
- Identify the number of different ways to make a portability election
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of federal income taxation concepts.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.