Top Federal Tax Issues for 2023 CPE Course: Module 2

Author: Allison McLeod, Greg White, Steven G. Siegel, Eric L Green

CPE Credit:  12 hours for CPAs
12 hours Federal Tax Related for EAs and OTRPs
12 hours Federal Tax Law for CTEC

Wolters Kluwer's Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2023. They have been selected not only because of their impact on return preparation during the 2023 tax season but also because of the important role they play in developing effective tax strategies for 2023 and beyond.

This module reviews tax implications of cryptocurrency, federal income taxation of trusts and estates, mid-year tax update, getting rid of tax penalties, and 2022 tax legislation: Inflation Reduction Act and CHIPS Act.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: October 2022

Topics Covered

  • Background
  • Classifying Cryptocurrency
  • Taxable Transactions
  • Mining
  • Gifts
  • Traps for the Unwary
  • IRS Enforcement
  • Basic Concepts and Issues
  • Fundamental Concepts
  • Income Reportable by Fiduciaries
  • Deductions Available to Fiduciaries
  • Trusts and Estates and The Alternative Minimum Tax
  • Inflation Adjustments
  • Gross Income
  • Cryptocurrency
  • Taxes and Inflation
  • Business and Investment Deductions
  • Cannabis
  • Passive Activities
  • Partnerships and S Corporations
  • Centralized Partnership Audit Regime
  • Pensions and IRAs
  • Itemized Deductions
  • IRS Issues and Developments
  • Administrative Procedure Act
  • Credits
  • Gift and Estate Tax Issues
  • Penalty Policy Considerations
  • First Time Abatement
  • Strategies for the Audit
  • Abatement for Reasonable Cause
  • Preparer/Promoter Penalties
  • Payroll Tax
  • New Corporate Alternative Minimum Tax
  • Electric Vehicle Credits
  • Excise Tax on Stock Buybacks
  • Excess Business Losses
  • Clean Energy Tax Credits
  • Research Credit for Small Businesses
  • Carried Interest Rules
  • Excise Taxes on Fossil Fuels
  • Depreciation
  • Funding for the IRS
  • CHIPS Act

Learning Objectives

  • Describe what constitutes blockchain and the various types of cryptocurrencies it supports
  • Determine whether a cryptocurrency transaction creates a taxable event
  • Identify the IRS forms needed to report cryptocurrency transactions
  • Develop a working knowledge of possible reports due to other regulatory agencies
  • Recognize the traps cryptocurrency traders could encounter that could unexpectedly increase the trader's tax liability
  • Identify current enforcement actions employed by the IRS
  • Recognize how estate and trust income is taxed
  • Identify how estate and trust income is defined, calculated, and reported
  • Describe key compliance and planning issues as well as concerns related to fiduciary income taxation
  • Identify when the decedent's taxable year ends
  • Recognize which type of trust has an annual exemption of $300
  • Describe trust accounting income
  • Recognize the annual net capital loss deduction limitation against ordinary income
  • Recognize how many months an automatic extension could be filed for Form 1041 (by using Form 7004) for an estate
  • Identify the annual exemption for complex trusts
  • Recognize what would apply if a fiduciary fee may be deducted
  • Identify important new tax cases
  • Recognize how to apply important new IRS guidance
  • Identify the impact of new legislation on clients
  • Identify the various penalties applied by the IRS
  • Recognize ways practitioners could have penalties removed
  • Describe First Time Penalty Abatement
  • Describe failure to file/pay based on reasonable cause
  • Identify an indicator of responsibility with respect to trust funds
  • Recognize the penalties for failure to pay
  • Identify the newest tax developments contained in the Inflation Reduction Act of 2022
  • Describe the new and extended credits available for green energy initiatives
  • Recognize which taxpayers and assets qualify for credits for purchasing electric personal vehicles and clean commercial vehicles
  • Recognize the implications of increased IRS funding
  • Identify the newest tax developments contained in the CHIPS Act of 2022

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (12 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $288.00

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