After a false start in 2022 when it failed to pass through Congress, the Secure Act 2.0 was passed in a flurry of year-end legislation. This two hour program will cover the important changes in savings and distributions of retirement plans that impact individuals. Employers will also need to consider how Secure Act 2.0 will the administration of existing plans or the creation of new ones. This course will provide a concise look at these hot topics. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Identify how the federal income tax differs from other types of federal taxes
- Determine the steps in computing a taxpayer's federal income tax liability
- Differentiate tax consequences for terms commonly used for the federal income tax, such as "adjusted gross income," "qualifying child," "tax credits," "filing status," and "kiddie tax"
- Recognize how an individual's standard deduction is determined
- Indicate differences in the tax for ordinary income, capital gains, and qualified dividend income
- Recall the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
- Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return
Major Topics
The major topics that will be covered in this course include:
- Intro to digital assets
- Differences between cryptocurrency and non-fungible tokens (NFTs)
- IRS Notice 2014-12
- Tax implications of contributing digital assets
- Gift tax rules for donating, gifting or bequeathing cryptocurrency and NFTs.
- Substantiating charitable contributions of digital assets
- Traps for the unwary.
