November 16, 2023

Live Webcast

AND

In-Person

Martin’s West
6817 Dogwood Rd, Woodlawn, Baltimore County, Maryland 21244

8 CPE

Don Farmer’s 2023 Individual Income Tax Workshop

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    Instructor

    Bill
    Harden

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    Bill Harden, CPA, ChFC, Ph.D

    Bio

    J. William Harden, CPA, ChFC, Ph.D., is an associate professor in the Bryan School of Business and Economics at the University of North Carolina (UNC) – Greensboro, where he teaches tax courses on flow-through entities, individual and corporate tax, tax research, Internal Revenue Service (IRS) practices and international tax. Prior to teaching, Bill was a senior tax accountant with an international CPA firm as well as a tax accountant for an international oilfield exploration company.

In this course, we review current-year developments, recurring problems, and planning ideas. Using a combination of humor and examples, we will focus on tax developments that affect 2023 individual income tax planning and return preparation.

Is there such a thing as a “light” tax year? If there is, 2023 certainly wasn’t it! Most of the tax provisions in SECURE Act 2.0 (enacted December 29, 2022) came into effect in 2023. The SECURE Act modifies the RMD rules for retirement plans and makes an unprecedented number of changes to other retirement plan provisions. In addition, all the modified energy credits included in the Inflation Reduction Act (IRA) are first effective for 2023. This includes credits for electric vehicles, increased credits for energy-efficient home improvements, increased business energy credits, and the provision allowing the sale of energy credits between taxpayers. In addition, there have been important IRS regulations, other IRS releases, and important court decisions during 2023. Don's 2023 Tax Update will focus on 2023 developments affecting 2023 returns and 2023 tax planning, including planning with SECURE 2.0, the Inflation Reduction Act, IRS releases, and court cases. We will also revisit some areas of the law that are often troubling for practitioners. Just some of the topics to be covered.

Individual Income Tax Workshop

  • Individual Tax Benefits in the IRA Effective for 2023 Including a Quick Way To Determine EV Credits.
  • How To Buy or Sell Energy Credits.
  • A Review of Qualified Plans and provisions In SECURE 2.0 Effective For 2023.
  • Virtual Currency Developments Including When A Loss Can Be Taken On Virtual Currency.
  • Update on 10-Year Rule For Retirement Plan Distributions (RMDs). 
  • Disaster Relief For Hurricanes Idalia and Lee.
  • An Easy Way to Calculate the Sec 199A Deduction
  • Late Breaking Developments

This event has been pre-approved for IRS CE.

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 Please note – materials for this event will be provided electronically ONLY. Please feel free to bring your own device to view the materials. We recommend that you download them prior to the event date rather than onsite.

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Learning Objectives

This course is designed To: 1) provide explanations and planning ideas relating to the latest 2023 individual income tax developments, including
the most recent guidance on new tax law provisions; 2) help practitioners prepare for the “tax season;” and 3) review and update various tax law provisions and planning ideas affecting individuals.

Major Topics

The materials Include A Review of Individual Income Taxation Including:

Explore a comprehensive overview of Individual Income Taxation, delving into key areas such as:

  • Tax Credits and Benefits: Uncover insights into vital tax credits like the Child Tax Credit, Dependent Care Credit, Premium Tax Credit, and Earned Income Credit. Discover the intricacies of tax-free forgiveness of student loans, charitable contribution deductions, and the American Opportunity Tax Credit for education.
  • Wealth Management: Navigate through the complexities of tax implications on capital gains and losses, §1031 exchanges, and Qualified Opportunity Funds. Gain a clear understanding of gain exclusion upon the sale of your principal residence and the latest updates on qualified plans and Individual Retirement Accounts (IRAs), including the latest changes introduced by SECURE Act 2.0.
  • Strategic Deductions: Dive into the world of interest deductions, including the home mortgage interest deduction, medical expenses, and deductions for state and local taxes. Explore home office deductions, understand hobby losses, and grasp the nuances of passive activity limitations.
  • Emerging Trends and Legislation: Stay ahead of the curve with a comprehensive overview of significant 2023 developments. Get up-to-date on the latest legislative changes, including new Electric Vehicle Credits and Credits for Energy Efficient Improvements to Residences and Rental properties. Analyze the impact of new regulations, court cases, and rulings, with a spotlight on the revised Required Minimum Distribution (RMD) rules for 2023.
  • Strategic Planning: Unleash innovative planning ideas fueled by new tax legislation. Discover proactive strategies to optimize your financial decisions and leverage the evolving tax landscape to your advantage.

Join us to explore these essential topics and equip yourself with the knowledge needed to navigate the dynamic world of individual income taxation in 2023.

Sponsors

CPE Credits Available

8 CPE
8
Taxes

Martin’s West

6817 Dogwood Rd, Woodlawn, Baltimore County, Maryland 21244

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Things to Know About This Course

Course Level

  • Update

Professional Area of Focus

  • Practitioner
  • Practitioners
  • Tax
  • Taxation

Prerequisites

At Least One “Tax Season.”

Advanced Preparation

None

Intended Audience

Individuals who prepare individual income tax returns or who are involved in individual income tax planning.

Provider

Don Farmer, CPA, PA

This event has ended.