Description
The program covers changes in the tax and financial world and its impacts to individuals and businesses. The changes cover a broad range of topics, with the only consistent commonality is the timeliness of the topics. These topics come to us from a variety of news feeds, including from the IRS, the Illinois Department of Revenue, RIA, The Tax Book, Forbes magazine, Kiplinger Tax Letter, and more. The goal is to identify relevant topics, report the changes, and provide analysis. CFP professionals will benefit from understanding the latest changes in the tax and financial world.
Learning Objectives
PBM Tax Meeting Agenda
Attendees: PBM Staff, Consultants Meeting Date: 3-Mar-25
\\pbmi-fs01\PBMI$\Shared\_5. Employees\_Meetings - Tax\[25-Tax Meeting Notes.xlsx]Mar Time By
1 Interest Rates: 0:02
a March
2 Interest not subject to the NIIT 0:08
a Self-charged interest
3 Donations to charity: Publication 526 0:10
a Qualified and nonqualified charities
b Deductible and nondeductible payments
c Noncash donations
d Record keeping requirements
4 Interest income exempt in Illinois 0:10
a US interest
b Certain Illinois municipal interest
c Interest in mutual funds
5 Trust return 663(b) elections 0:10
a When to do it
b How to calculate it
c What it means
6 Depreciation updates 0:10
a What's new
7 Pass through entity tax updates 0:05
a Illinois
b Indiana
8 Beneficial Ownership Interest updates 0:05
a Reporting now due March 21
1:00
1 State some housekeeping items for IRS interest rates.
2 Describe what self-charged interest is and how it is taxed.
3 Explain the rules of what makes donations deductible.
4 List the types of interest that is exempt from Illinois tax.
5 Describe benefits and operations of making the 663(b) election for trusts
6 Relate depreciation updates for 2024 and when & how to apply them for maximum long-term benefit
7 Describe the most current PTE tax election thinking; compare benefits to late penalties
8 Relate updates to BOI reporting
Do not send to CFP or IRS:
9 Misc
a Using the status filter in Ultra Tax
b Foreign tax calculation on trusts 2023 810-022 FCS
c Vacation home: 160-001 UT 2023
d Treatments for depreciation - make book = tax 160-001 UT
The program covers changes in the tax and financial world and its impacts to individuals and businesses. The changes cover a broad range of topics, with the only consistent commonality is the timeliness of the topics. These topics come to us from a variety of news feeds, including from the IRS, the Illinois Department of Revenue, RIA, The Tax Book, Forbes magazine, Kiplinger Tax Letter, and more. The goal is to identify relevant topics, report the changes, and provide analysis. CFP professionals will benefit from understanding the latest changes in the tax and financial world.