Date: December 19th, 2024

Duration: 240 Minutes

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Description:

As tax laws become increasingly complex and dynamic, today’s accountants require an efficient, one-day update course that covers the most pressing Federal income tax topics impacting individuals, businesses, and their owners. This course places a strong emphasis on recently enacted income tax legislation.

In this fast-paced  session, participants will receive a thorough review of newly enacted income tax laws, updates on income tax regulations, relevant court cases, IRS notices, revenue procedures, and private letter rulings that affect both individuals and businesses.

Learning Objectives

• Discuss significant Federal income tax laws affecting individuals and various business entities, including C and S corporations, partnerships, LLCs, and LLPs.
• Examine U.S. savings bond interest exclusion limits for the years 2022-2024.
• Review the Lifetime Learning Credit phase-out ranges and limits for 2025.
• Identify and understand newly enacted legislation, changes, and IRS guidance impacting individual and business income tax returns.
• Evaluate Health Savings Account limits and deductibles for 2025 and beyond.

Major Topics Covered in This IRS Tax Webinar:

• Discuss the latest individual and business income tax legislation.
• Review the individual and business provisions of the Tax Cuts & Jobs Act (TCJA), including the 20% qualified business income (QBI) deduction, changes to individual income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, and income exclusions; along with reduced corporate income tax rates, AMT repeal, changes to NOLs, business loss limitations, interest deductions, accounting method changes, and entertainment expenses.
• Walk through significant tax changes relevant to corporations, partnerships, and individuals.
• Review final regulations under §36B.
• Understand Coverdell ESA income phase-out limits for 2022-2024.
• Discuss proposed worker classification rules under the FLSA by the DOL.
• Identify American Opportunity Credit income phase-out ranges for 2025.
• Examine any additional income tax changes and highlight important IRS audit considerations.

Credits and Other information:

• Recommended CPE credit – 4.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 4 Hours

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 39 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm.  After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.