Individual Income and Tax Compliance Annual Update

Course Details

Date

Friday, June 7, 2024

7:00am – 11:00am (Registration: 3:03am)

Location

Online

Field of Study

Taxation

CPE Credit

4 hours CPE credit

Level of Knowledge

Update

Vendor

AICPA

Prerequisites

Basic understanding of federal income taxation

Description

The most pressing tax matters affecting individuals, estates, and trusts in 2023 [bold]

With so many tax developments that come up during the year, it's hard to stay on top of every salient issue. In this all-new-for-2023 course, learners get a tailored list of updates that highlight only the most pertinent issues concerning individuals, estates, and trusts from the past year.

Insights to study before tax season [bold]

Learners are provided with in-depth explanations of budding issues that their clients may face.

From the treatment of non-fungible tokens (NFTs) as collectible property to the deductibility of certain medical care expenses, course materials dive into the latest IRS pronouncements and case law to help practitioners serve their clients.

Developments include:

  • 2023 rate tables
  • Taxation of fringe benefits
  • A U.S. Supreme Court decision on IRS summons
  • Expanded clean-energy credits
  • Treatment of NFTs as collectibles
  • Deduction substantiation for cryptocurrency donations
  • Medical care expense deductibility

    Highlights

  • IRS administrative issues, compliance and new forms
  • Return preparation applications
  • Strategies for tax savings
  • New tax return disclosures

    Objectives

    • Identify the correct 2023 rate tables and standard deduction applicable to filers.
    • Identify fringe benefits that are partially excluded from income.
    • Recognize the 2023 COLA adjustments related to retirement plans.
    • Identify the correct standard mileage rate for different categories of mileage in 2023.
    • Identify updated tax credits for 2023.
    • Recognize developments in the treatment of cryptocurrency and NFTs.
    • Recognize the IRS's authority to issue summons.
    • Recall hobby loss rules.
    • Recognize the tax treatment of certain medical expenses.
    • Identify the basis of assets transferred in trust upon the death of a trust's owner.

    Designed For

  • Accountants and finance professionals
  • CPAs, senior associates, managers and partners
  • Tax professionals

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