2024 Virtual Tax Review & Update Lesson Agenda

LESSON #1

  • Sec 7216 Use & Disclosure Consents
  • Written Information Security Plan
  • Military Residency
  • Nonresident & Resident Alien Status
  • Foreign Reporting Issues
  • Crowdfunding
  • Wage & Apprenticeship Requirements
  • Data Breach
  • 1099-K
  • Cryptocurrency

LESSON #2

  • Sunsetting Tax Provisions
  • Election Worker Compensation
  • Olympian Compensation
  • Automotive Mfg.'s Sales Incentives
  • Resident Apartment Mgr. Compensation
  • Medicaid Waiver Payments
  • Workers’ Compensation
  • Surrogacy Fees
  • Utility Rebates
  • Post Death W-2
  • General Welfare Exclusion (GWE)
  • Matching Gross Proceeds
  • Leasehold as a Capital Asset
  • Financial Disability
  • Principal Residence in Foreign Country
  • Employee Stock Options
  • Conversion Home to Rental & Visa Versa
  • Home Issues
  • Corporate Transparency Act

LESSON #3

  • Expenses Prev. Failed Business
  • Electing Out of Partnership Rules
  • Employing a Child
  • Charity or Business Expense
  • Self-Employed Health Insurance
  • Are Business Expenses Optional?
  • Hobby Losses
  • When is Property Depreciable?
  • 15 Year Recovery Period
  • Bonus Depreciation Sunset
  • Sec179 & Residential Rentals
  • Allocation of Assets – Form 8594
  • Business Meal Considerations
  • Entertainment
  • Per Diem
  • Partial Day Per Diem
  • Lavish or Extravagant
  • Lodging Per Diem
  • Leased Vehicles
  • Employee Retention Credit
  • Business Use of Home Opination
  • S-Corp. Stockholder–Active/ Passive
  • Renting to a Relative
  • Room Rental
  • Self-Rental Rules
  • Augusta Rule
  • Foreign Rental
  • Suspended Passive Losses
    • Related Parties
    • Former Activities
    • Home
  • Passive Losses – Dispositions
  • Repainting – Capitalize or Expense
  • Treatment of Rental Expenses
  • Excess Business Losses
  • Disallowance of Business Interest
  • Real Estate Professional
  • Cap & Repair Regs –
    • De Minimus Safe Harbor
    • Routine Maintenance
    • Per Building Safe Harbor
    • Partial Disposition Election

LESSON #4

  • Pension Taxability by Former States
  • Military Spouse Retirement
  • Pension Taxable Amount
  • QDRO
  • Disability Retirement
  • First Responders
  • Public Safety Officers
  • Net Unrealized Appreciation
  • Rollovers
  • Self-Certification Late Rollover
  • Rollover Chart – By Plan Type
  • Traditional & Roth Catch-up
  • IRA Definition of Compensation
  • Active Participation
  • Excess Contribution Excise Tax
  • Prohibited IRA Transactions
  • Unrelated Business Income
  • Mega Backdoor Roth Conversions
  • Roth IRA Issues
  • Early Distribution Penalties
  • Hardship Distributions
  • Surviving Spouse
  • Form 5500-EZ
  • Excess 401-(k) Plans
  • Nanny Retirement 

LESSON #5

  • Long-Term Care Insurance. Contracts
  • Hardship Withdrawal Conformity
  • Retirement Savings Lost & Found
  • Age 60 – 63 Catch-Up Contrib.
  • Financial Incentives - Retirement
  • Plan Matching Contributions & Student Loan Payments
  • Pension Linked Emergency Savings
  • Roth Employer Matching
  • Required Auto Enrollment
  • Starter 401(k) Plans
  • Flexible Spending Accounts
  • RMD Age & Penalty Changes
  • Statute of Limitations Excise Tax  
  • 10-year Beneficiary Rule
  • RMD Excess Accumulation Penalty
  • 529 Plan to Roth Rollovers
  • QCD IRA Trap
  • QCD Expanded Options
  • QCD 1099-R
  • Longevity Annuity
  • RMD & Still Working Rule
  • SIMPLE Plans
    • Increased Limits
    • Add’l Nonelective Contrib.
  • SEP & SIMPLE Roth Contributions
  • Solo 401(k)
  • Pension Coverage – Part Time Wkrs.
  • Flexible Spending Account
  • Small Employer HRA
  • Mandatory Distributions
  • Scholarships & Tax Credits
  • Scholarship Strategy
  • Ed Credits – Parent Can’t Claim
  • Sec 529
    • Qualified Education
    • Qualified Expenses
    • Room & Board Expenses
  • Sec 529
    • Rollover to Roth
    • Distributions as Support
  • ABLE Age Modification
  • Employer Educational Assistance
  • Educators Above-the-Line
  • Trust Jurisdiction
  • Damages
  • Insurance
    • Life Settlements
    • Viatical Settlements
  • Qualified Investment Funds
  • Lemon Law Settlements

LESSON #6

  • Energy Efficient Home Mod Credit
  • Home Energy Audit
  • Creditable Expenses
  • Energy Efficient Home Mod Ex.
  • Heat Pumps, Biomass Stoves, Boilers
  • Credit Qualifying Homes
  • Manufactured Homes
  • Sec 25C Qualified Energy Property
  • Treasury Economic Policy Report
  • Sec 25C Installation Costs
  • Rebates Versus Credit
  • Saver’s Credit Qualifying Contrib.
  • Saver’s Credit Computation
  • Saver’s Credit Testing Period
  • Saver’s Credit - After 2026
  • Pension Start-Up Credit –
    • Eligible Employer
    • Qualified Costs
    • Credit Computation
  • Small Employer Auto Enrollment Cr.
  • Automatic Enrollment
  • Home Solar Credit –
    • Used Panels
    • Battery Guidance
    • Builder Pass-Through
  • Home Solar Credit – Residential Rentals
  • Home Solar Credit – Roof Work
  • Building Energy-Efficient Homes Cr
  • Prevailing Wage Requirements
  • Work Opportunity Credit (WOTC)
    • Targeted Groups
  • Clean Vehicle Credit –
    • Dealer Certification
    • MSRP & MAGI Limits
  • Used Clean Vehicle Credit
    • Qualified Buyer & Seller
  • Vehicle Credit Transfer to Dealer
  • Leased then Purchased EV
  • Credit For Com’l Clean Vehicles
  • Paid Medical & Family Leave Credit
  • Foreign Tax Credit
  • Disabled Access Credit
  • Small Bus Health Insurance Credit

LESSON #7

  • CTC & AOTC ID Requirements
  • Claim of Right Doctrine
  • Tax Benefit Rule
  • Research Credit
  • Research Expense
  • Qualified Research
  • Nursing Services
  • Medical Dependent
  • Property Tax – Non Owner
  • Capitalize Property Tax
  • Equitable Ownership
  • Timeshare – Second Home
  • Charitable C/O & Std Deduction
  • Charitable Contribution – “Use Of”
  • Charitable Limits – Business
  • Charitable Appraisal Requirement
  • Appraisal Fees
  • Conservation Easement
  • Leave Based Donations
  • Insubstantial Benefit
  • Gambling Gotchas
  • AMT Strategies
  • Kiddie Tax Avoidance
  • Self-Employment Tax Situations
  • Taxpayer Penalties
  • Reasonable Cause Exceptions
  • First Time Abatement
  • Statute of Limitations
  • Underpayment Penalty
  • Underpayment Safe Harbors
  • Underpayment
    • Before Year-End Strategies
    • After Year-End Strategies
  • Gift
    • Tax
    • Tuition & Medical
  • Gift or Life Estate
  • Portability Election
  • Gifting Encumbered Property
  • Gift or Employee Compensation
  • Inheriting a Prior Gift
  • IRD Income

LESSON #8

  • Using Artificial Intelligence in Your Practice
  • The AI Advantage Over Search Engines: Explore how AI offers dynamic, personalized responses, enhancing your client interactions beyond what static search engines can deliver.
  • Good vs. Bad Prompts: Learn how to craft effective prompts that yield accurate and actionable insights, avoiding the common pitfalls.
  • Practical AI Prompts and Use Cases: We dive into real-world examples and demonstrate prompts that you can start using in your tax and accounting practice today.
  • AI ChatBOTS for Tax Research: Discover a tool designed to optimize your research with precise, up-to-date information.
  • Understanding Natural Language Processing (NLP): Learn why NLP is key for generating human-like responses that align with your clients’ needs.
  • Live Interactive Prompts: Get hands-on experience as we walk you through real-time prompts that highlight AI’s potential in tax and accounting scenarios.
  • Writing Client Correspondence
  • Responding to Government Inquiries