2023/2022 Easy Update & Inflation Adjustments ON DEMAND

Overview

This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and a way for professionals and staff alike to easily get the “big chunks” and bring their professional knowledge up to speed.

Highlights

Income tax rates. Personal exemptions and phaseout. Child and Dependent Care Expenses Tax Credit. Moving Expense Deduction and Reimbursement. Hope ( American Opportunity) and Lifetime Learning Credits. Health Savings Accounts. Energy- Residential Energy-Efficient Improvements and Home Credits. Business-Corporate Tax Rate Reduced to 21%. Retirement Plans. Estate, GST and Gift Taxes. Residential Clean Energy Credit. Consolidated Appropriations Act of 2023.

Prerequisites

None.

Designed For

CPAs.

Objectives

Recognize the various issues affected by inflation and recent tax law developments especially as they relate to individual tax brackets, exemptions and deductions, the AMT, the child tax credit, alimony, HSAs, education plans, and energy credits. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including corporate tax rates, entertainment expenses, tax credits & deductions, bonus depreciation, expensing, standard mileage rates, employment taxation, repatriation of foreign income, small business stock, partnership taxation, and excessive compensation. Specify differences between various retirement plans, including inflation-adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining applicable exclusion amounts. Apply changes imposed by the Inflation Reduction Act (IRA) relating to credits allowed for the individual acquisition of qualified electric vehicles and energy-efficient home improvements and property. Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements. Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.

Preparation

None.

Notice

None.