This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the Inflation Reduction Act, Consolidated Appropriations Act, Corporate Transparency Act, and other new tax legislation enacted by the Biden administration; and other new regulations, cases, and rulings in all areas of federal taxation. 

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 2023; purchase of a new or used electric vehicle; new rules for making energy improvements to your residence, including energy efficient building envelope costs and residential energy expenditures; adding solar and a battery backup to your residence; nonbusiness casualty losses in a Presidentially declared disaster area; and the tax treatment of any state or property tax refunds.
• Discuss the legislative provisions in the CAA of 2023 dealing with the retirement changes in the SECURE 2.0 Act and conservation easement tax shelters.
• Discuss the latest guidance on digital assets, including NFTs as a collectible, donating a digital asset to a charitable organization, receiving a digital asset as a payment for services, and the sale of digital assets including elections for dealers and traders, wash sales, and FBAR and FATCA reporting for digital assets, including newly issued proposed regulations for brokers and dealers and Form 1099-DA.
• 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, including the new required beginning date of age 73, 25% and 10% penalty for failure to take a required minimum distribution, and waiver of a RMD in 2023.
• Explain new developments that affect S corporations (including disproportionate distributions and second class of stock), LLCs, and partnerships, including the PTE election, the current status of filing Schedules K-2 and K-3, the updated Schedule K-1 for Form 1065, and other changes to Form 1065 and Form 1120S.
• Discuss the new requirements under the Corporate Transparency Act for small businesses to report beneficial ownership information.
• Summarize the most recent tax accounting provisions, including Rev. Proc. 2023-24 on changes in methods of accounting and the updated instructions to Form 3115.
• 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 current status of the return preparer rules, e-filing requirements, and PTINs.
• Describe the latest developments in IRS procedures and practices, including Circular 230 and an update on the abatement of penalties. (One hour ethics credit.)
• Discuss the recent changes in the estate and gift tax rules, including the basis of property in an Intentionally Defective Grantor Trust.
• 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