Learn to identify individual and business opportunities for tax savings and benefits.
U.S. taxpayers are still adjusting to tax changes and strategies due to the U.S. tax reform under the Tax Cuts and Jobs Act of 2017 (TCJA). Many aspects of tax planning and preparation continue to provide opportunities and benefits but limitations and costs may offset some gains. However, by the end of 2025, there may be a sunset and expiration of many TCJA tax provisions. The taxpayers need to reassess whether they are factoring all of the benefits available under current law. This webinar will provide you with an overview of the tax preparation and planning issues that now apply to individuals and businesses, including changes in pass-through income and corporate taxes. While some tax planning occurs prior to the end of the year to adjust income and related expenses, significant tax decisions must be made at the time of filing the tax returns and extensions to file timely. The range of topics includes individual filing status, retirement contributions, and investment alternatives, along with business elections for depreciation, timing of business losses, and method of accounting issues. The tax decisions that impact your tax returns can have both current and future tax benefits and impacts.
Learning Objectives
- You will identify current tax regulations and legislation.
- You will be able to recognize benefits and year end tax strategies for individuals.
- You will be able to identify business tax benefits and strategies.
- You will be able to identify tax planning strategies for credits.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Identifying Individual Income Tax Benefits
- Review of Updated Tax Rates and Brackets
- Comparison of Married Separate and Joint Filing
- Criteria for Qualifying for Each Filing Status
- Employment vs. Independent Contractor Status
- Optimizing Tax Benefits of Dependents
- State Tax Issues and Alternatives
Identifying Business Income Tax Benefits
- Tax Rules of Business Pass-Through Entities
- Depreciation Alternatives and Tax Elections
- Real Property and Personal Property Issues
- Claiming Business Losses and Limitations
- Foreign Assets and Income Reporting Issues
Tax Planning Update for Other Taxes and Credits
- Self-Employment Taxes and Issues
- Net Investment Income Taxes (Niit)
- Employment Taxes for Business Owners
- Alternative Minimum Tax (Amt)
- Foreign Tax Credits and State Credits
Top Issues for Tax Preparation Strategies
- Tax Issues Limited to Level of Income
- Capital Gains and Losses Tax Planning
- Tax Deferral vs. Tax Rates Decision
- Claiming Excess Deductions and Credits
- Timing and Reporting of Income Options
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 26, 2024.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
CPE/NASBA - QAS Self Study 2.8 including Taxes 2.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Thomas M. Kosinski, C.P.A., M.S.T.
Ostrow Reisin Berk & Abrams, Ltd.
- Director of the tax practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
- Offers more than 30 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
- Provides specialized tax planning services to his clients, which include high-net-worth individuals and business entrepreneurs
- Advises on federal and state tax planning and tax compliance issues for real estate clients and businesses
- Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
- Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
- M.S. Degree in taxation; B.S. Degree in accounting, summa cum laude, DePaul University
- Can be contacted at 312-670-7444 or [email protected]
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
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- OnDemand Courses
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- State Specific Credit Tracker
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