2023 Fall Topical Income Tax Update (see details below):

1. 2023 Tax Legislation – Overview of New Tax Law
2. Secure Act 2.0 Update
3. Schedule C: Keeping Your Client Compliant      
4. Conversion from Sched C to S Corp
5. Ethics 
6. 1099K
7. Gig Economy
8. Energy Tax Credit Updates
9. Ask the Expert

2023 Year-end Income Tax Update (see details below):

1. 2023 Federal Tax Law Updates – Corporate Transparency Act
2. Ethics
3. Cryptocurrency
4. Top Ten Tax Issues
5. Employee Retention Credit
6. Short-Term Rentals 
7. Preparing for the 2024 Tax Season
8. Ask the Expert

2023 Fall Topical Income Tax Update Details

Overview of New Tax Law: Updates Let’s kick off with an overview of IRS rulings and pronouncements as well as any new laws enacted in 2022. We’ll review recent tax law changes and how they may affect individuals and businesses. Topics may include changes to deductions, credits, tax rates, and more.

Secure Act 2.0 Update Attendees will learn about the key provisions of Secure Act 2.0, including changes to retirement savings, tax credits for small businesses, and new rules for inherited retirement accounts. We will cover how Secure Act 2.0 interacts with other tax laws and regulations and provide strategies for minimizing tax liabilities while maximizing retirement savings. Additionally, attendees will learn about compliance requirements and reporting obligations related to the new law.

Schedule C: Keeping Your Client Compliant  As a part of the individual tax return, Schedule C is used to report business income and expenses, allowing the IRS to assess the net profit or loss of the business. This summary emphasizes the importance of understanding and adhering to the tax laws associated with Schedule C, including accurate record-keeping, proper classification of expenses, and compliance with reporting deadlines.

Conversion from Sched C to S Corporation We’ll provide in-depth guidance on the process, benefits, and implications of converting from a sole proprietorship to an S Corporation. Attendees will gain a comprehensive understanding of the tax advantages and potential savings that come with converting to an S Corporation. Participants will also learn about the legal and operational considerations involved in the conversion process.

Ethics This ethics class is designed specifically for tax professionals and covers the various ethical challenges that may arise in the tax industry. Through case studies and real-world scenarios, attendees will explore issues such as conflicts of interest, confidentiality, and professional responsibility. The class will provide practical guidance on how to navigate ethical dilemmas and maintain the highest standards of integrity in their tax practice.

1099K Want to deepen your understanding of the 1099-K form and its tax implications? Attendees will explore the purpose of the 1099-K, how it differs from other tax forms, and the tax reporting requirements associated with it. We’ll provide practical guidance on how to accurately report income and deductions related to the 1099-K, as well as tips for avoiding common errors and penalties.

Gig Economy Attendees will explore the various tax issues facing independent contractors and gig workers, including tax reporting requirements, deductions, and credits. Through case studies and practical examples, the seminar will provide attendees with the tools they need to navigate the complex tax landscape of the gig economy.

Energy Tax Credit Attendees will explore recent changes to energy tax credits and how they affect taxpayers. Through case studies and practical examples, the seminar will provide attendees with the tools they need to accurately identify and claim energy tax credits for their clients, as well as avoid common errors and pitfalls.

Ask the Expert Let’s enhance the live interaction and give you the opportunity to ask questions of our panel of experts. Whether you want to revisit a complicated example, need clarity on a tax form, or something else, we can dive deeper and provide additional guidance.

2023 Year-end Income Tax Update Details

Federal Tax Law Updates:  Corporate Transparency Act – Let us provide you with an overview of new and proposed legislation, significant cases, IRS rulings and pronouncements. We’ll provide a comprehensive exploration of this significant legislation’s impact on businesses and tax reporting requirements. Attendees will gain a thorough understanding of the Act’s provisions, compliance obligations, and potential consequences of non-compliance. Speakers will also address strategies for ensuring compliance with the Act, including recordkeeping practices, reporting deadlines, and potential penalties for non-compliance. 

Ethics – As always, Ethics will be the favorite class of the day. We hope to provide an overview of the changes in Circular 230, which is going through a review process as we speak. But we cannot control the IRS approval process, so if the new Circular 230 is not available, we guarantee a class to assist in “your ethical gaps.” After all, any ethics class should make you aware of your ethical responsibilities. 

Virtual Currency – Get familiar with the ideas behind cryptocurrency, and the language you need to speak confidently with your clients. Understand the differences between digital, virtual, and crypto currencies. Learn about the types of currencies available as well as the terminology used in this media and the various tax implications. 

Top 10 Tax Issues – Let us help you navigate the top ten most significant and complex tax issues facing your clients. Attendees will explore topics such as changes to tax laws, Form 3115, Gift Tax, Employee Retention Credit, tax planning strategies, international tax compliance, and tax controversies. We’ll cover common mistakes and misconceptions related to these tax issues, as well as best practices for mitigating risks and maximizing benefits for clients. By the end of the seminar, attendees will be equipped with practical guidance and valuable insights to enhance their tax practice and better serve their clients.

Short-Term Rentals – Short-term rentals, such as those facilitated by platforms like Airbnb, have gained significant popularity in recent years, prompting tax authorities to address the tax implications of this emerging market. From a tax law perspective, short-term rentals are considered rental activities and may be subject to various tax regulations. Rental income generated from short-term rentals is generally taxable and should be reported on the owner’s tax return. However, expenses incurred in relation to the rental, such as property maintenance and management fees, may be deductible. It is important for property owners engaged in short-term rentals to understand their tax obligations, comply with reporting requirements, and keep accurate records to ensure proper tax compliance and minimize potential tax liabilities.                                               

Preparing for the 2024 Tax Season / Ask the Expert – As we approach the 2023 tax season we want to prepare as much as we can for what we might face. We hope for a lively discussion of changes in forms and issues which are of value to the whole audience. Ask the expert panel and we will do our best to address your questions. And as always, if you have no questions we will be prepared to discuss or expand on other issues which may have come up in previous sessions. 

* Ohio CPAs: Each seminar is approved for 8 hours of CPE including 1 hour of professional standards and responsibilities for all CPAs who have already taken the mandatory 3-hour professional standards and responsibilities course. Ohio’s Accountancy Board requires that CPAs attend a special 3-hour professional standards and responsibilities course before an Ohio CPA can renew their initial license. Those who have not yet taken the mandatory course will receive 8 hours of CPE in taxation.

* Attorneys: Each of our seminars are approved for 6.75 sixty-minute hours of CLE by the CLE accrediting agencies in Iowa, Ohio, and Illinois, and by the Federal Courts. In Pennsylvania, each of our seminars is approved for 8 sixty-minute hours of CLE.

* CFPs: Although Certified Financial Planners will receive 8-hours of CE credit for attending each of our 2023 seminars, none of the hours will qualify for CFP ethics credit.