Frequent changes in legislation make it challenging to keep track of opportunities for individuals to save on their taxes. Course materials explain the latest changes in tax law and the individual and business planning opportunities they provide. Participants will dive deep into the effects of the latest tax legislation, including H.R. 1, commonly referred to as OBBBA, tax court decisions, and IRS and U.S. Treasury guidance on the hottest tax topics affecting individual taxpayers, including those with small businesses. This course provides a wealth of tax-planning tips and strategies and addresses key tax return issues to arm participants with the latest guidance to better serve new and existing clients.
Learning Objectives
- Determine whether an activity is passive or active
- Determine the allowable deductions for vacation homes
- Determine the proper accounting method allowed for a business entity
- Determine the amounts allowable for deducting travel and transportation expenses
- Identify income categories and entity types that qualify for the qualified business income (QBI) deduction
- Identify the rules for amortizing and expensing start-up costs, intangible assets, and research and experimentation expenditures
- Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets
Major Topics
- Gains and losses on property transactions
- Fringe benefits
- Retirement plan distributions
- Hobby losses
- Home offices Depreciation and amortization
- The qualified business income deduction under Section 199A
- Passive activities
- Business transactions
- Individual tax provisions of H.R. 1, commonly referred to as OBBBA
