Overview
This year practitioners need to keep abreast of tax changes affecting pass-through entities used by their business clients and employers, and this enlightening course delivers that information. You will learn invaluable strategies, techniques, innovative tax-planning concepts, income-generating ideas, and other planning opportunities available to S corporations, partnerships, LLCs, and LLPs. In addition, this course will discuss current trends and emerging issues, helping practitioners stay informed about relevant and significant topics that may impact their clients. Continually updated to reflect enacted legislation.
Major Topics:
- Comprehensive coverage of the Inflation Reduction Act, including:
- The Corporate Alternative Minimum Tax, The Clean Vehicle Credit, Credit for Previously Owned Clean Vehicles, Credit for Qualified Commercial Clean Vehicles, §45L New Energy Efficient Home Credit, Elective Payment, Transferability, and Prevailing Wage and Apprenticeship Requirements
- Principles and considerations for nonresident withholding, composite payments, and passthrough entity taxes
- Comprehensive coverage of the SECURE 2.0 Act with a focus on provisions applicable to employers
- Thinking beyond §163(j) -- Interest Allocation Rules, Original Issue Discount, Applicable High Yield Discount Obligations, Convertible Corporate Debt Instruments, and Debt-Financed Distributions
- Retirements and redemptions: considerations for partnerships and S corporations
- Timely coverage of breaking tax legislation
- Schedules K-2 and K-3 reporting requirements, including the 2022 domestic filing exception and Form 1116 exemption
- Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, with examples of how to calculate stock basis
- Selected Practice and Reporting Issues: What’s new?
- A review of recent cases and tax law changes and IRS guidance affecting S corporations, partnerships, limited liability companies, and limited liability partnerships
- Form 1099-K reporting requirements
- Taxpayer First Act -- electronic filing requirements for information returns
- Bonus depreciation
- Section 174 Research & Experimental Expenditures -- new guidance under Notice 2023-63 and Notice 2024-12
- New FinCEN reporting requirements in 2024
- A review of like-kind exchange transactions under §1031
- Special basis adjustments, including comprehensive examples
Learning Objectives
- Understand the major issues on which taxpayers and the IRS are in conflict
- Understand recent IRS guidance and legislation impacting pass-through entities