Review significant developments in federal income taxation for individuals, corporations and other businesses that have the greatest impact on participants, their clients and their companies. Emphasis will be on developments affecting 2022 returns and tax planning, including any new 2022 legislation, essential regulations, rulings and court cases.
The seminar includes a comprehensive reference manual with each chapter containing basic rules, selected items of interest, 2022 developments, planning ideas, and listings of related IRS forms and publications. Where applicable, each chapter of the manual includes a segment devoted to the impact of recent legislation.
The latest new law provisions affecting 2022 returns
Late-breaking 2022 tax legislation
Final regulations applicable to tax years beginning on and after January 5, 2021, outlining the proper treatment of inventories and use of the cash method for taxpayers with average gross receipts of $26 million or less and new 2022 Rev Proc providing rules for automatic changes in accounting methods (including changes in accounting methods to comply with these new regulations)
New regulations modifying the required minimum distribution (RMD) rules for 2022 to comply with SECURE Act changes
New life expectancy tables for determining 2022 RMDs
IRS ruling explaining when vacation home rentals are subject to S/E tax
New cases determining FBAR penalty calculations
New pro-taxpayer hobby loss case
Election for Partnerships and S corporations to pay state income tax at the entity level and bypass Federal SALT limitation
Other new tax cases, rulings, and regulations significantly impacting individuals and businesses.