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
Instructors
Allison McLeod
Professor McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas, where she has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxes, Individual Taxes, Tax Research, Ethics and Financial Accounting. She has taught as an adjunct professor at the University of North Texas College of Law.
Prior to Professor McLeod going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. Professor McLeod has enjoyed teaching live ethics course to CPAs since 2011 and is the owner of
www.cpaethicsonline.com, which offers on-line self-study courses to CPAs. She currently serves on the Professional Ethics Committee of the Texas Society of CPAs.which offers on-line self-study courses to CPAs. She served on the Professional Ethics Committee of the Texas Society of CPAs and the AICPA CPA Exam Committee (REG).
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.
Steven G. Siegel
Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.
Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.
Eric L Green
Eric is a partner in
Green & Sklarz LLC, a boutique tax firm with offices in Connecticut and New York. The focus of Attorney Eric L. Green’s practice is civil and criminal taxpayer representation. Eric is a past chair of the Connecticut Tax Bar and is a Fellow of the American College of Tax Counsel. He is a frequent lecturer on tax topics for national organizations, and is the author of The Accountant’s Guides to IRS Collection and Tax Resolution. He was the creator and lecturer of the CCH IRS Representation Certificate Program, and Eric runs
Tax Rep LLC, which coaches CPAs, EAs and attorneys to represent taxpayers. Eric was previously a columnist for CCH’s Journal of Practice & Procedure, and has the weekly Tax Rep Network podcast.