Federal Tax Update with Greg White & George Koutelieris [FTU]

Full Description

Federal Tax Update with Greg White & George Koutelieris (FTU)

December 9th, 2024 / 8:30 am 4:00 pm

Pikes Waterfront Lodge
1850 Hoselton Road
Fairbanks, AK 99709

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