Annual Federal Tax Update - Utah Association of CPAs

Overview

The latest tax developments decoded [bold]

Building on your current understanding of tax strategies, this comprehensive course covers all legislative, judicial, and IRS developments of the past year with a focus on implementation and compliance.

A curated list of updates to prepare you for tax season [bold]

All-new content includes:

The most salient court cases and IRS revenue rulings

Notices, FAQs, and private letter rulings

Chief counsel advice memoranda in 2023

You'll also find reminders about legislation that changed in 2023, including bonus depreciation limits, final regulations that go into effect, and more.

Recent cases affecting individuals, nonbusiness and general business matters shed light on pivotal updates for 2023. Topics include:

2023 inflation-adjusted rates

New and expanded individual and business credits

Employee-retention credit (ERC) warnings

New guidance on cryptocurrency and non-fungible tokens (NFTs)

Beneficial ownership information (BOI) requirements

Form 1099-K requirement changes

Highlights

Income taxation of estates and trusts

IRS administrative issues, compliance, and updated forms

Court cases settled in the last year that provide tax return guidance

IRS summons and notification requirements

IRS rulings, procedures and notices published in 2023

Fringe benefits

Hobby vs. business

Corporate AMT regulations

Prerequisites

Basic understanding of federal income taxation

Designed For

Public accounting senior associates, managers, and partners

Tax professionals in company finance or tax departments

Objectives

Identify fringe benefits that are partially excluded from income.
Recognize the inflation-linked adjustments to select business-related deductions.
Identify the correct 2023 rate tables and standard deduction applicable to filers.
Recognize the beneficial ownership regulations that go into effect in 2024.
Identify new and expiring business tax credits for 2023.
Recognize the impact of recent IRS notices and PLRs that pertain to C corporations.
Identify new final and proposed regulations relating to C corporations.
Recognize newly released or effective final and proposed regulations that pertain to partnerships.
Recognize the impact of recent tax cases affecting partnerships.
Recognize the requirements of an accountable plan.
Identify the circumstances when an S election is terminated.
Identify updated tax credits for 2023.
Recognize developments in the treatment of cryptocurrency and NFTs.
Identify the basis of assets transferred in trust upon the death of a trust's owner.