Federal Income Tax Update with Don Farmer

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Instructor

Don
Farmer

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Don Farmer

Bio

Don Farmer is the President of Don Farmer, CPA, PA. Don was formerly a Tax Partner with Deloitte & Touche in charge of the tax practice for their five Western North Carolina offices. In 1984, he resigned his position as Partner and created Don Farmer, CPA, PA in order to devote most of his time to writing and lecturing. He also consults with other CPAs around the country concerning tax matters. Each year, Don writes and presents many CPE programs across the United States. He has made presentations in over forty states. Don has also contributed articles to nationally known tax magazines.

In this course, we review current year developments and planning ideas affecting individual, corporate, and business income taxation using affecting individual, corporate, and business income taxation using a combination of humor and examples. We will emphasize all major new tax legislation as well as other significant tax developments that affect 2022 tax return preparation and 2022 tax planning for individuals, corporations, and non-corporate businesses.

Learning Objectives

Review major developments in federal income taxation for individuals, corporations, and other businesses having the greatest impact on participants, their clients, and their companies. The course will emphasize developments affecting 2022 returns and tax planning, including any new 2022 legislation, important regulations, rulings, and court cases.

Major Topics

The major topics covered in this seminar include:

A review of the latest new law provisions affecting 2022 returns
A review of any late-breaking 2022 tax legislation
Final regulations applicable to tax years beginning on and after January 5, 2021, outlining the proper treatment of inventories and use of the cash method for taxpayers with average gross receipts of $26 million or less and new 2022 Rev Proc providing rules for automatic changes in accounting methods (including changes in accounting methods to comply with these new regulations)
New regulations modifying the required minimum distribution (RMD) rules for 2022 to comply with SECURE Act changes
New life expectancy tables for determining 2022 RMDs
IRS ruling explaining when vacation home rentals are subject to S/E tax
New cases determining FBAR penalty calculations
New pro-taxpayer hobby loss case
Election for Partnerships and S corporations to pay state income tax at the entity level and by-pass Federal SALT limitation
Other new tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses.

CPE Credits Available

8 CPE Credits

8: Taxes

Things to Know About This Course

Prerequisites

At least one year of experience in a “tax season"

Intended Audience

Individuals having one or more tax seasons and a general understanding of the individual, corporate, and business income taxation who are involved in the preparation and/or review of individual, corporate, and business income tax returns or who provide tax planning advice to individuals and businesses.