Course Description:

This comprehensive course is designed exclusively for tax preparers and Enrolled Agents. Led by renowned tax expert Dr. Bart Basi, this IRS-approved course offers critical updates and actionable strategies to optimize your practice and support your clients effectively. Covering topics such as 1099 handling, retirement planning, and real estate sales, this course provides the tools you need to excel in the upcoming tax season. We are a CTEC-approved provider. This course is IRS-approved and earns you 2 hours of Federal Tax Law Continuing Education credits.

Learning Objectives

By the end of this session, participants will be able to:

1. Kiddie Tax — Be able to explain the purpose of the kiddie tax, identify the types of income it applies to, determine the age and dependency criteria for applicability, and calculate tax obligations based on the 2024 thresholds for unearned income.
2. Effectively Manage 1099 Forms — Understand best practices for handling 1099 forms, with practical tips for advising clients on this common issue.
3. Health Savings Account — Be able to describe the benefits of a Health Savings Account (HSA), identify the 2024 contribution limits for individuals and families, explain the additional contribution allowance for individuals aged 55 and older, and compare the 2024 limits to the previous year.
4. Advise on Real Estate Sales — Be able to explain the eligibility criteria for excluding capital gains from the sale of a primary residence, including the ownership and use tests, the applicable exclusion limits for single and joint filers, and the restrictions on claiming the exclusion within a two-year period.
5. Optimize Charitable Contributions for Deductions — Ensure that clients are keeping adequate records for charitable donations to maximize their deductions.
6. Stock and Debt Basis Reporting — Be able to explain the importance of tracking a shareholder's stock and debt basis in an S corporation, describe how basis changes based on the corporation's operations, interpret the information provided on a Schedule K-1, and determine the taxability of non-dividend distributions based on the shareholder's stock basis.
7. Develop Year-End Tax Strategies — Implement proactive tax planning techniques to help clients reduce their 2024 tax burden and plan for future financial goals.

This course counts for 2 Hours of Federal Tax Law for IRS Continuing Education. 

About the Presenter:

Dr. Basi is the current Senior Advisor to The Center for Financial, Legal & Tax Planning, Inc. He is an Attorney and CPA with a Ph.D. in Economics. Dr. Basi has expertise in financial accounting, business succession, business valuation, mergers and acquisitions, retirement and estate planning, strategic planning, and tax aspects of business decisions for closely held and family businesses. He speaks nationwide, writes, and researches on all of these areas. He has written five loose-leaf bound books, fourteen workbooks, and over 300 articles and has worked with hundreds of businesses and associations. Journals that have published Dr. Basi's work include "Money Matters," "The American Journal of Small Business," "The Journal of Family Law," "The Journal of Estate Planning," "The Tax Lawyer," "Small Business Taxation," "Taxation for Individuals," "Taxation for Accountants," "Taxation for Lawyers," "The CPA Journal," and "The Tax Executive."