Tax Planning for Possible TCJA Sunset

Author: Michael Miranda

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Now that there will be a change in leadership at the federal government level it is important to monitor the changes that may occur to our federal income, estate and gift tax system. Join us as we review the possible changes that will impact individuals, including tax rates, standard deduction, personal exemptions, child and family credit, alternative minimum tax and the itemized deductions limits. We will review possible change to business provisions, including business loss limitations, bonus depreciation, and the Qualified Business Income (QBI) deduction. We will conclude the course with a discussion of the possible changes to the estate, gift and trust provisions. We will also review the importance of making the portability election for any unused basic exclusion amount upon the death of the first spouse.

Publication Date: January 2025

Designed For
All tax professionals who desire a better understanding of the potential changes in our federal income, estate, and gift tax system because of a change in leadership in Congress and the White House.

Topics Covered

• Form 1040
• Form 1040 Schedule A
• Form 6251 Alternative Minimum Tax
• Excess business losses
• Child and family tax credits
• Bonus depreciation
• IRC §179 depreciation
• IRC §199A Qualified Business Income deduction
• ROTH conversions
• Analysis of possible individual income tax rate and bracket changes
• Form 709 – Gift Tax Return
• Form 706 – Estate Tax Return
• Final regulation on “Anti-Claw” back of the utilization of the basic exclusion amount
• Portability election for the Deceased Spousal Unused Exemption (DSUE)

Learning Objectives

• Identify the possible changes that will impact individuals
• Identify the possible changes that will impact businesses
• Identify the importance of ROTH IRA conversion, including rate bracket management
• Identify the importance of the possible changes to the estate tax exclusion amount
• Identify the importance of the estate tax portability of a deceased spousal unused exemption amount

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None