Author: Greg White

If last year was action packed, this year promises to be even more so. Join expert Greg White, as he provides an update on the most recent changes affecting businesses that you’ll need to navigate through the maze of tax legislation.

Publication Date: December 2024

Topics Covered

• Inflation adjustments
• Partnerships: SE tax for limited partners, Form 1065, Surk case
• Cannabis businesses
• SECURE 2.0
• Beneficial Ownership Information Reporting
• Parkway Gravel Case
• Administrative Procedure Act
• Employee Retention Credits
• Taxmageddon
• Artificial intelligence in tax work
• Supreme Court cases
• S corporations
• Judicial doctrines
• Penalties

Learning Objectives

• Identify important 2024 cases, including four new Supreme Court cases that affect tax practice
• Identify when courts will respect the separate legal status of a legal entity (this is crucial for saving payroll taxes with an S corporation)
• Recognize and apply legislative developments
• Identify administrative releases, including IRS guidance on cryptocurrency reporting and education plans
• Recognize and apply new legal developments to your practice
• Identify the year Congress learned that super wealthy people who’d never worked a day in their lives were buying into limited partnerships
• Identify the statute that notes (in part) that no deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business consists of trafficking in controlled substances
• Identify approximately how many business entities have not yet filed their BOI report
• Identify the organization that has delayed the required filing deadline with respect to BOI reports
• Identify the year the Administrative Procedure Act was passed
• Identify the number of required elements with respect to the duty of consistency
• Identify the year the IRS will begin to automatically abate under the “first-time abatement” rule
• Identify the SEP maximum contribution in 2025
• Identify the number of cases that are currently challenging BOI reporting
• Identify the year the Supreme Court found that the IRS was subject to the Administrative Procedure Act

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
A basic understanding of tax preparation

Advance Preparation
None