This pragmatic course is designed for busy tax professionals who do not have the time to research the latest updates emanating from new IRS guidance, fresh court cases, and constantly changing tax legislation. Within this course, you’ll find a curated newsletter that includes the most important and useful information to keep you on top of your practice. Notably, the program delves into the nuances of § 174 research expenditure deductions post-TCJA, interprets the adjustments to HSA contributions for 2024, and scrutinizes educational expense deductions under §162 through case studies. You'll gain insights on maintaining IRS-compliant records by examining the Ninke case, understand the intricacies of casualty loss deductions per Section 165, and dissect the tax consequences of non-recourse debt discharges in light of Parker v. Commissioner. Moreover, the course will guide you through the IRS’s transition to paperless processing and the critical updates in ERC claims, preparing you to adeptly navigate the challenges posed by fraud prevention measures and altered processing timelines.
Course Publication Date:
November 22, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Tyler Thompson CPA, EA |
| Course No: | TAX-FALL-2023 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Update |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Analyze the changes to § 174 of the Internal Revenue Code as amended by the Tax Cuts and Jobs Act (TCJA) and Rev. Rul. 2023-8 with regard to the research expenditure deductions and account for such expenditures in compliance with the updated tax regulations.
- Recall changes to the HSA contribution limits for 2024.
- Evaluate the circumstances under which education expenses can be considered deductible under §162 of the Tax Code by analyzing specific case studies and regulatory criteria.
- Analyze the implications of inadequate record-keeping on tax obligations and penalties by evaluating the Ninke case to differentiate between acceptable and inadequate documentation practices according to IRS regulations.
- Interpret and evaluate the principles of casualty loss deductions for individuals as per the guidelines of Section 165 and associated Treasury Regulations.
- Evaluate the tax implications of a discharge of non-recourse debt in property sales according to the Parker v. Commissioner case and Treasury Regulations.
- Analyze the impact of the IRS paperless processing initiative on tax return procedures and taxpayer services by the end of the session.
- Evaluate the changes in processing Employee Retention Credit (ERC) claims due to fraud concerns as outlined by the IRS, including the identification of new processing timelines and understanding the support measures for businesses affected by fraud.