Both businesses and individual clients face major changes as a result of new legislation, and tax professionals face the considerable challenge of delivering effective planning advice and services to address this myriad of recent developments. This course addresses this challenge and also encompasses the latest cases and rulings applicable to individual and business clients. Continually updated to reflect enacted legislation. Please Note: Due to content overlap, it is recommended that this course NOT be taken together with BIT4.
Learning Objectives
- Understand strategies and techniques to use in light of new legislation
- Understand the latest enacted tax law changes
- Understand current cases and rulings affecting your clients
Major Topics
- Digital assets and tax implications
- understand the new Form 1099-DA for reporting digital asset transactions, along with updated IRS guidance on cryptocurrencies, NFTs, and broker responsibilities
- Artificial intelligence
- discover how AI and generative tools are transforming tax practices, as well as how the IRS is leveraging AI to enhance audit selection
- Form 1099-K reporting requirements
- understand the evolving IRS thresholds and rules for third-party payment platforms
- The Gig Economy
- examine key tax implications for gig workers, including Independent Contractor vs. Employee classification challenges, reporting responsibilities, and the impact of the 2024 Department of Labor Final Rule on worker status
- Timely coverage of breaking tax legislation
- Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas
