Description
America’s #1 Federal Tax Update - Individual edition is focused on combining the real-life experience of practicing CPAs with all the latest legislative developments enabling participants to quickly understand and implement tax reform changes for their client’s Individual preparations. Western CPE provides you the essential knowledge by reviewing IRS, Congressional, and Judicial actions over the past year in a high-energy, often humorous presentation style. By using real-life experiences to break down complicated tax topics, Western CPE’s Federal Tax Update proves you can get smart explanations without dying of boredom or getting lost in overly-complicated explanations. You’ll receive the most complete and up-to-date reference manual, written by our renowned tax experts including Western CPE’s very own Sharon Kreider. In addition, the digital PDF manual is hyperlinked to the Internal Revenue Code, tax court decisions, and other primary authorities, making it extremely convenient. Join us as our world-class tax instructors share cutting-edge tax planning strategies.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Analyze and apply current tax law changes and their projected impacts, including TCJA expiration effects.
Calculate and implement appropriate tax planning strategies, including estimated tax payments and deduction limitations.
Evaluate and explain tax treatment of emerging financial instruments and transactions, particularly in digital assets.
Analyze current status and projected changes to major social programs and their tax implications.
Apply current rules for various deductions and credits, including limitations and special provisions.
Identify and apply current international tax reporting requirements and associated penalties.
Analyze and apply changes implemented by SECURE 2.0, including new distribution rules and Roth account treatments.
Evaluate and apply current RMD rules, including penalties and waivers for non-compliance.
Identify and explain benefits and requirements of Roth accounts, including conversion considerations and inheritance rules.
Understand and apply current protections for retirement accounts, including bankruptcy exemptions and fraud considerations.
Apply rules regarding retirement plan loans, early distributions, and special exceptions for specific employee categories.
Analyze and apply passive activity loss limitations under §469, including specific exceptions and requirements.
Evaluate and determine proper classification of rental activities, including exceptions and special rules.
Identify and apply requirements for qualifying as a real estate professional, including material participation tests.
Apply rules regarding related party exchanges and other property transactions, including gain recognition requirements.
Calculate and apply gain exclusions for personal residence sales, including limitations and special provisions.
Calculate and apply current estate tax exclusions and exemptions, including inflation adjustments and future changes.
Evaluate and implement estate planning strategies, including wills and trust considerations.
Analyze and apply current gift tax provisions, including annual exclusions and planning opportunities.
Apply rules regarding trust and estate administration, including deductions, losses, and distributions.
Identify and implement current regulatory requirements and proposed changes affecting estates and trusts.