Top Federal Tax Issues for 2024 CPE Course: Module 1

Author: James R. Hamill, Klaralee R. Charlton, Barbara Weltman, Ariele R. Doolittle

Wolters Kluwer's Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2024. They have been selected not only because of their impact on return preparation during the 2024 tax season but also because of the important role they play in developing effective tax strategies for 2024 and beyond. This module provides an overview of the SECURE 2.0 Act, tax rules for vehicles, tax implications in a remote work environment, and partnership tax filing issues.

Publication Date: October 2023

Topics Covered

• Legislative History and Overview
• Required Beginning Date Changes
• Expanded Catch-Up Contributions
• Automatic enrollment and escalation rules
• Employer Matching and Code Sec. 529 Rollovers
• Expansion of Options for Part-Time Employees
• Changes for Beneficiaries
• Planning Ideas for Clients
• Business Use
• Personal Use
• Energy-Related Credits
• Other Vehicle-Related Matters
• Residency Rules Refresher
• Allocating Employee Compensation
• Resident Tax Credit Issues
• State Withholding Tax Considerations for Employers
• Telecommuting and Nexus
• Organization of the Form 1065 and Related Schedules
• Code Sec. 199A Reporting
• Guaranteed Payments
• Entity-Level Elections
• Schedule K
• Allocations of Profit and Loss
• Code Sec. 704(c) Reporting
• Distributions
• Partner Shares of Liabilities

Learning Objectives

• Describe how the SECURE Act and SECURE 2.0 Act passed Congress and their primary provisions
• Explain the new increased catch-up contribution rules
• Identify the potential tax impacts related to IRA withdrawals by participants and beneficiaries under the legislation
• Recognize how to recommend tax planning to clients and beneficiaries affected by the SECURE Act and SECURE 2.0 Act
• Identify the changes affecting employer-sponsored plans, including automatic enrollment requirements and student loan repayment matching options
• Describe the limitations on deducting depreciation for business vehicles
• Identify the situations in which personal use of a vehicle is tax deductible
• Explain the tax incentives for purchasing certain types of vehicles
• Recognize which expenses are taken into account when deducting the costs of a business vehicle purchased in 2023
• Identify which elements must be substantiated when a taxpayer uses the standard mileage rate
• Recognize which method to use to figure an employee's personal use of a company vehicle
• Describe the corporate tax implications of having employees working in different states
• Recognize where (in which states) an employer may have corporate income tax nexus
• Identify the number of states that have a "convenience rule"
• Explain how to advise clients on sourcing of wages received while working remotely
• Identify how the primary domicile factors are considered for residency
• Explain what counts as a workday, and what does not, for wage allocation purposes
• Describe essential reporting issues and obligations in partnership taxation
• Identify planning opportunities with partnership tax returns
• Recognize how to apply best practices for preparing partnership returns
• Identify correct statements with respect to guaranteed payments
• Describe capital account reporting
• Describe characteristics of Schedule K-1s

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
None

Advance Preparation
None