Federal Tax Update with Greg White & George Koutelieris Webcast [FTU]
Subject:
Time: 07:00am-3:00pm
Credit Hours:
8.00Price:
Member: $380.00
Non-member: $490.00
Discussion Leader:
George Koutelieris & Greg WhiteGeorge Koutelieris, CPA, is a shareholder with the firm Johnson & Shute P.S. He subsequently received his Master’s in Taxation from Golden Gate University graduating with Highest Honors in 2010 and being awarded the Outstanding Graduate Tax Student Award for the Seattle campus of Golden Gate. He is currently an Adjunct Professor at Golden Gate University teaching various tax courses. George’s practice includes planning and consulting on complex transactions including formations, liquidations, mergers and acquisitions, purchase and sales, multi-state and international tax for closely held businesses and their owners. In addition, George provides compliance and representation services before the IRS and various state taxing agencies for clients. George is also an active speaker on various tax topics, having presented in the past for Golden Gate University, the Washington Society of Certified Public Accountants, the Alaska Society of CPAs and the Oregon Society of Certified Public Accountants.
Greg White, CPA, has practiced tax accounting for more than 35 years. He is founder, shareholder, and President of CPA firm WGN, P.S. in Seattle, Washington, which serves a successful entrepreneurial client base. He also owns and operates State of the Art Tax, LLC, a tax education company. Greg is in his twelfth year as an Adjunct Professor at the Golden Gate University’s Seattle Campus. Greg is licensed to practice in and has argued cases before the U.S. Tax Court. He has been named a “Top 50” IRS Practitioner by CPA Magazine. Greg has extensively presented tax CPE, predominantly on the west coast, over the last decade and has written and presented live courses and webinars for CCH and others nationally. He has presented tax topics in the Pacific Northwest on TV including spots on KOMO TV and King TV.
Full Description
Federal Tax Update with Greg White & George Koutelieris Webcast (FTU)January 22nd, 2025 / 7:00 am 3:00 pm
Live Webcast
Join experts George Koutelieris and Greg White, as they provide a fast-paced, thorough and easy-to-understand update on the recent Federal tax developments. Youll be able to confidently navigate maze of 2024 tax developments.
Major Topics:
2024 has seen significant tax developments in areas like:
- Individuals
- Important IRS policy changes for first-time penalty abatement from late filed tax returns
- New exceptions from the10% early withdrawal penalties that apply to IRAs and qualified plans.
- Updates on taxpayer audit rates (what has been the effect of the large influx of funding the IRS received from the Inflation Reduction Act).
- Developments in cutting through IRS red tape by using the IRS Taxpayer Advocate.
- Estate tax final regulations covering the basis consistency requirements.
- A new passive activity case.
-New final regulations on required minimum distributions and the penalty for failing to take a required minimum distribution.
--And when distributions are required in the year the IRA owner passes away.
-- A strategy for reducing required minimum distributions.
- Cryptocurrency reporting.
- New reporting thresholds for sales on eBay, VRBO, Ticketmaster, and other 3rd party platforms.
-Preparing for Taxmageddon
-- Strategies for reducing taxes as parts of TCJA are scheduled to expire.
- New Supreme Court cases that affect individuals.
-Cases in the trenches
-- These are cases that affect everyday tax issues like substantiation.
- Developments in Artificial Intelligence, and how it affects tax research.
- Businesses
- S corporation shareholder basis (an extremely favorable pro-taxpayer case),
- Self-employment tax for LLC members.
- Important IRS policy changes for first-time penalty abatement for late filing of tax returns
- Updates on business taxpayer audit rates (the effect of the large influx of funding from the Inflation Reduction Act).
- New cases from the Supreme Court that will affect current tax practice and its future.
- An important case on treating commonly controlled business entities (like S corporations and partnerships) as separate from their owners.
- This case provides tax planning opportunities and is relevant to using S corporations to reduce payroll taxes.
- A new case from the Tax Court defining tax practitioners duty of consistency.
- New developments in Beneficial Ownership Reporting (the Corporate Transparency Act).
-SECURE Act 2.0 developments including new Roth SEPs and Roth SIMPLE plans.
-- Well also cover the new reporting rules.
- New developments in the ERC (employee retention credit).
Learning Objectives:
- Identify important 2024 cases, including new Supreme Court cases that affect tax practice.
- Recognize opportunities to increase clients participation in Roth accounts.
- Apply administrative releases, including IRS guidance on cryptocurrency and 3rd party payment reporting.
- Apply the IRSs new basis consistency rules in the estate tax area.
- Learn how to utilize the Taxpayer Advocate to cut through IRS red tape.
-Identify planning opportunities for Taxmageddon (the scheduled expiration of many of the Tax Cuts and Jobs Act provisions.
-- Identify which provisions wont change.
- Identify important 2024 cases, including four new Supreme Court cases that affect tax practice.
- Apply a brand new very taxpayer friendly case on S corp shareholder tax basis.
- Identify changes in the self-employment tax of LLC members.
- Learn when courts will respect the separate legal status of a legal entity (this is crucial for saving payroll taxes with an S corporation).
- Recognize opportunities to increase clients participation in Roth accounts.
-Review administrative releases, including IRS guidance on Employer Educational Assistance.
Designed For: CPAs and tax practitioners.
CPE Credits: 8, Taxation
Level of Knowledge: Update
Prerequisite: Basic understanding of federal income taxation concepts.
Acronym: FTU
Discussion Leader: Greg White, CPA & George Koutelieris, CPA
