9382023 4.00

Author: Greg White

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

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: November 2022

Topics Covered

  • Important new cases
  • Brand new reporting requirements that will result in clients receiving millions of new Forms 1099-Ks
  • Change in deducting research expenses (including software development costs)
  • An important new trend is afoot: Courts are invalidating IRS guidance in case after case. We'll talk about the ramifications on your practice
  • How do you "catch up" on depreciation that you missed? If you didn't allocate part of the purchase of rental real estate to personal property and land improvements (both of which are bonus eligible), we'll cover important new IRS guidance that tells you how to take a big tax deduction on clients' 2022 tax returns. You can use this to fix mistakes made many years ago (the statute of limitations doesn't apply to this area)
  • Legislative developments, including The Inflation Reduction Act, and the SECURE Act 2.0
    • Extension of the excess business loss limit (§461(l))
    • The corporate minimum tax
    • Commercial solar credit. Can you get the credit for solar panels on your rental duplex? We'll cover this
    • What proposed changes didn't make it into the final law
  • What is the IRS going to do with the $80 billion extra funding it will receive? We'll cover the details
  • Which mistakes S corporations are making that terminate their S status


Learning Objectives

  • Identify important 2022 cases
  • Recognize how to apply legislative developments
  • Identify important provisions in the Inflation Reduction Act
  • Recognize how to review administrative releases
  • Recognize and apply new legal developments to your practice
  • Identify the business mileage deduction/reimbursement effective through December 31, 2022
  • Identify the year bonus depreciation is set to start phasing out
  • Identify over how many years research should be amortized based on §174
  • Identify the 2022 combined employer and employee HSA contribution limit for single filers
  • Identify the penalty percent if you withdraw HSA funds for other than reimbursement of out-of-pocket medical expenses
  • Identify the state-level tax credit for cannabis businesses
  • Identify the type of insurance arrangements the IRS has been cracking down on
  • Identify the percent of phone calls the IRS answers on average
  • Identify the year the APA was signed into law
  • Identify the year the IRS discovered that very wealthy people who'd never worked a day in their lives were joining limited partnerships to get self-employment earnings



Instructional Method

Field of Study
Taxes (4 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation

Additional Course Details

  • Filed of Study: Taxation
  • Publisher: Wolters Kluwer
  • Course Level: Update
  • Pre-Requisites: None
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