This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Infrastructure Bill, Inflation Reduction Act, Consolidated Appropriations Act, and other new tax legislation enacted by the Biden administration; and other new regulations, cases, and rulings in all areas of federal taxation. Content will be finalized in October. The topics listed below will be updated this fall.

Learning Objectives

After completing this course the participant will be able to:

• Describe the legislative changes made by the Inflation Reduction Act (IRA), including: the increase in IRS funding; IRA provisions effective in 2022 and 2023; purchase of a new or used electric vehicle as well as the latest guidance from the IRS on electric vehicles purchased after August 16, 2022; new rules for making energy improvements to your residence; adding solar and a battery backup to your residence; using the R&D credit to offset Medicare taxes; and the monetization of tax credits.
• Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs, especially since proposed regulations have been issued which affect the 10-year payout.
• Explain new developments that affect S corporations, LLCs, and partnerships, including the PTE election and the current status of filing Schedules K-2 and K-3.
• Summarize the most recent tax accounting provisions, including the most recent guidance on changes in methods of accounting.
• Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals and CCA 202151005, which details whether the income or loss from an Airbnb is reported on Schedule C or Schedule E.
• Discuss the deduction under Section 199A for qualified business income and how to calculate the deduction and the problems that have been encountered by tax return preparers, including defining a specified service business, safe harbor test of Rev. Proc. 2019-38, alternative options to Rev. Proc. 2019-38, self leasing rules, and aggregation rules.
• Describe the Executive Order on the cancellation of student loan debt and its effect on COD income.
• Discuss the current status of the return preparer rules, e-filing requirements, and PTINs, and the new requirement for return preparers to create and implement a data security plan.
• Describe the latest developments in IRS procedures and practices, including Circular 230 and an update on the status of the waiver and abatement of penalties. (One hour ethics credit.)
• Discuss the recent changes in the estate and gift tax rules, including a simplified method for requesting more time to file a portability election.
• Discuss recent developments in employment and self-employment tax.

The AES Tax Update is well known as a detailed update covering not only new tax legislation, regulations, and other guidance, but also recent court cases whose outcomes impact your tax practice. The instructors are experienced CPAs and tax attorneys who consistently receive high marks as seminar leaders. You will receive the slides that the instructor will use (a printed manual if you attend in person or a searchable PDF if you attend online) as well as a PDF of the substantial 14-chapter manual. It is a valuable reference that you will use often during busy season. 

AES Year 2023 Tax Update Seminar IN PERSON