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