2024 Federal Tax Update (Business Edition)

Upon successful completion of this course, participants will be able to:

• Interpret and apply recent changes in tax legislation and IRS policies affecting business operations and compliance requirements.
• Identify and apply current financial thresholds for various tax reporting and accounting method requirements.
• Explain and implement specific regulatory compliance requirements for business transactions and reporting.
• Evaluate and apply rules regarding business deductions, including limitations and qualifying criteria.
• Analyze and calculate available tax credits, including recent modifications to energy-efficient and clean vehicle incentives.
• Apply specialized tax rules and safe harbors related to real estate activities and rental properties.
• Analyze and apply specific tax credits related to employment and research activities, including their limitations and practical applications.
• Identify and explain current employment regulations, including wage requirements and employee classification rules.
• Calculate and apply tax implications of various employee benefits, including educational assistance and transportation benefits.
• Evaluate and implement tax strategies related to employing family members, particularly minor children.
• Analyze and interpret current IRS enforcement priorities and compliance requirements for partnerships and pass-through entities.
• Identify and apply current requirements for partnership tax forms and reporting obligations, including updates to key forms.
• Evaluate eligibility and requirements related to the Centralized Partnership Audit Regime (CPAR), including opt-out provisions.
• Apply professional due diligence standards when working with partnership interests and capital accounts.
• Analyze and apply current IRS procedures and requirements for maintaining S Corporation status, including correction of violations.
• Identify and evaluate eligible shareholders and ownership structures for S Corporations, including specific trust requirements.
• Apply proper procedures for S Corporation elections, including requirements for late election relief.
• Calculate and apply current loss limitations for S Corporation shareholders under relevant tax provisions.
• Identify and apply current corporate tax reporting requirements, including new forms and changes to existing forms.
• Understand and implement current corporate tax payment procedures and systems, including electronic payment requirements.
• Analyze and apply current business transparency and reporting requirements under new legislation.
• Evaluate and interpret trends in business entity selection and their relationship to tax policy changes.
• Analyze and explain current IRS operational procedures and changes, particularly regarding taxpayer interactions and collections.
• Identify and understand current IRS administrative changes, including budget allocations and program implementations.
• Evaluate and explain current tax compliance risks and schemes identified by the IRS.