Objective
- Advise business owner clients on adopting tax planning strategies that would reduce their tax liability for 2024
Highlights
- Complying with the beneficial ownership information reporting requirements
- The current status of the Employee Retention Credit Voluntary Disclosure Program
- Using the newly expanded access to business tax accounts for partners and shareholders of S corporations
- IRS guidance allowing car dealers to provide electric vehicle tax rebates upfront to qualified auto buyers
- Monetizing energy credits
- Amortization of research and experimental expenditures
- Dealing with the taxpayer loss in the Tax Court in Soroban Capital Partners requiring managers to pay self-employment tax on certain payments to limited partners
- Contributions to Roth “catch-up” plans
- Roth contributions to a SEP and Simple IRA
- Employer matching contributions to a Roth account
- Section 179 and bonus depreciation
- Roth 401(k) contributions no longer subject to RMDs during the owner’s lifetime
Designed For
Tax practitioners who anticipate advising business clients in 2024 regarding strategies to reduce or eliminate federal income taxationPrerequisite
A basic understanding of the tax rules relating to individual income taxAdvanced Preparation
None