Don Farmer's Individual Tax Update

Overview

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In this Course, We Review:

Current Year Developments, Recurring Problems, and Planning Ideas. Using a Combination of Humor and Examples, We Will Focus on Tax Developments That Affect 2023 Individual Income Tax Planning And Return Preparation. 

This course has been approved for CPE credit by the National Association of State Boards of Accountancy (NASBA), the Internal Revenue Service (IRS) and the Certified Financial Planning (CFP) Board.

• NASBA CPE sponsor ID: 108526
• IRS CPE sponsor ID: QGYLR
• CFP CPE sponsor ID: 1313

Highlights

The Materials Include A Review of Individual Income Taxation Including:

• The Child Tax Credit, Dependent Care Credit, Premium Tax Credit and Earned Income Credit; Tax Free Forgiveness Of Student Loans; Charitable Contribution Deductions; The Kiddie Tax; Taxation of Damage Awards; Tax Benefits For Education Including The American Opportunity Tax Credit; Capital Gains And Losses; §1031 Exchanges; Qualified Opportunity Funds; Gain Exclusion Upon Sale Of Principal Residence; Qualified Plans and Individual Retirement Accounts (including changes made by SECURE Act 2.0); Interest Deductions, Including The Home Mortgage Interest Deduction; Medical Expenses; Deduction For State And Local Taxes; Home Office Deductions; Hobby Losses; and The Passive Activity Limitations. 

• Significant 2023 Developments Including: Any New 2023 Legislation; New 2023 Electric Vehicle Credits and Credits for Energy Efficient Improvements to Residences and Rental property; Regulations, Court Cases, Rulings And Other Non-Legislative Developments Such As the New Regulations Modifying The Required Minimum Distribution (RMD) Rules For 2023, and Much More.

• Planning Ideas, Including Planning With New Tax Legislation. 

Prerequisites

At Least One “Tax Season.”

Designed For

Individuals Who Prepare Individual Income Tax Returns or Who Engage in Individual Income Tax Planning.

Objectives

This Course Is Designed To:

1) Provide Explanations And Planning Ideas Relating To The Latest 2023 Individual Income Tax Developments, Including The Most Recent Guidance On New Tax Law Provisions;

2) Help Practitioners Prepare For “Tax Season;”

3) Review And Update Various Tax Law Provisions And Planning Ideas Affecting Individuals.

Preparation

None

Notice

Delivery Method - Group Live