Business Federal Tax Update - Navigating the Current Tax Landscape

Overview

Stay at the forefront of business income taxation with this essential course tailored for tax practitioners seeking to enhance their expertise. This course offers an in-depth review of the intricacies surrounding business income taxation, focusing on the latest developments for the current tax year. Dive into recent changes and updates within the tax code, providing you with a comprehensive understanding of the evolving tax landscape. Equip yourself to effectively navigate new regulations, guidelines, and strategies while assisting clients in optimizing their business income tax planning.

This course was updated in January of 2024 with an additional speaker, Shelli Huston.

Highlights

Thorough exploration of essential IRC Sections pertinent to business income taxation.
Comprehensive assessment of recent changes and updates in business taxation.
Examination of business changes arising from significant legislative updates.
Analysis of pertinent tax code sections, including Section 199A.
Addressing tax considerations for various business schedules (C, F, and E).
Navigating partnership, corporation, and LLC taxation issues.
Unpacking the complexities of COVID-19-related subsidies and their tax implications.
Interaction of Code Section 461(l) with Section 382 and carryover rules.
Understanding defaulted loans, bankruptcy implications, and their tax treatment.
Grasping the impact of the CARES, HEROES, and HEALS acts on business income taxation.
Special rules governing the business use of a home.
Reporting requirements for converting personal use property to business use.

Prerequisites

None

Designed For

CPAs, EAs, attorneys, and financial planners

Objectives

Identify and complete IRS Form 1040 and other business income tax returns for the tax season.
Identify and apply recent changes and updates in business income taxation to ensure accurate and compliant tax filings.