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FEDERAL INDIVIDUAL TAX UPDATE 2 CPE Credits 

Presented 1st, In-Person, 8:30 am

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Overview:  

Cover the major Federal individual tax issues, dues dates and recent IRS announcements and tax law updates. Overview of the new Written Information Security Plan (WISP), tax planning under a divided congress and the major provisions of the SECURE Act 2.0. Also, covering green tax credits and deductions for individuals This will provide the traditional updates and reminders of the latest allowable tax amounts for individuals. Covering. Form 1099-K reminders and an update on the qualified business income deduction.  A walk through of partnership Schedule K-1 matters including reconciling the reporting to Form 1040, tax and at-risk basis, guaranteed payments, self-employment taxes, 2 court cases on related matters and allowing losses. A continued walk through of S-corporation K-1 matters including shareholder basis, at-risk basis as reported on Form 7203, reconciling the Schedule K-1 to the Form 1040 and audit considerations. Material participation and self-employment taxes imposed on short-term rentals. This will provide the latest news from the IRS, about ”the IRS” as well as an analysis of projected future IRS audit considerations analyzing what the IRS is focused on now, such as cryptocurrency, tax basis and NFTs.​

FEDERAL BUSINESS TAX UPDATE 2 CPE Credits 

Presented 3rd, In-Person, 12:40 pm

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​​Overview:  

Cover the major Federal business, S-corporation and partnership tax issues and updates, including the Secure Act 2.0, business and green incentives from the Inflation Reduction Act, Federal commercial green vehicle credits, Federal alternative fuel vehicle refueling property credit, Federal solar credits for businesses, tax credit transfers, energy efficient commercial building deduction, credit for builders of energy-efficient homes, business tax credits including the work opportunity tax credit, empowerment zone employer credit, new markets credit, research and development credits, small business health care credit, retirement plan credit, family leave credit, alternative energy credit and  Schedule K-1, K-2, K-3’s from both Partnerships and S-Corporations, employee retention tax, at-risk basis and passive activities, S-corporation and partnership compensation issues along with personal expenses and health insurance paid by these entities, partnership tax considerations related to guaranteed payments and self-employment taxes, the latest allowable tax deductions and credits, major IRS Notices, and related IRS developments.

CPA PRACTICE MANAGEMENT

2 CPE Credits

Presented 2nd, In-Person, 10:30 am

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​Overview:  

This will include exercises the participant can complete on their own practice. Cover the state of the CPA industry workforce as well as the state of the participants practice. Addressing weekly work & time management, building & keeping client boundaries, scope of services, overcoming the dilemma with practice growth, benefits of specializing, streamline client deadlines and communication that work for the CPA, timing of services and keeping up with the times with services.

Practice Management Major Topics​

  • State of the CPA industry workforce

  • The state of the participants practice

  • Weekly work & time management

  • Building & keeping client boundaries

  • Scope of services

  • Overcoming the dilemma with practice growth

  • Benefits of specializing

  • Streamline client communication & deadlines that work for the CPA

  • Timing of services

  • Keeping up with the times with services

Individual Major Topics

  • Federal tax issues related to Individuals (Form 1040)

  • Tax affects to individuals who own flow-thru entities; S-Corporations and Partnerships

  • Latest IRS tax numbers & developments

  • Inflation Reduction Act & Secure Act 2.0

  • Tax planning for sunsetting TCJA tax laws

  • WISP (Written Information Security Plan)

  • Short-term rentals & self-employment 

  • Backdoor roth conversions pro-rata rules

  • Qualified opportunity zone update

  • Green tax credits and deductions 

    • Energy efficient home credit

    • Residential clean energy credit

    • Solar tax credit deeper dive

    • Alternative fuel vehicle refueling credit

    • Clean vehicle tax credits

    • Used & new clean vehicle tax credits

    • IRS provisions on new and used clean, EV and PHEV vehicle tax credits

  • Partnership tax issues for individuals

    • Schedule K-1 matters

    • Guaranteed payment considerations

    • Non-passive vs. Passive reminders

    • Passive activity benefits

    • Self-employment tax issues

    • 2 court cases on IRS reclassifications

    • Cases to watch

  • S-corporation tax issues for individuals

    • Schedule K-1 analysis and hot spots

    • Shareholder at-risk basis

    • Reconciliation of schedule K-1 

    • Form 7203 overview

  • Sole proprietor tax matters (Schedule c)

    • Business vehicle deductions

    • Depreciation inflation updates

    • Mileage rate deduction vs. Actual vehicles expenses

  • Qualified business income deduction

  • Major IRS announcements 

Business Major Topics​

  • Federal Tax issues related to S-Corporations (Form 1120-S) and Partnerships (Form 1065)

  • Tax affects to individuals who own flow-thru entities; S-Corporations and Partnerships

  • Federal business tax issues with the latest IRS developments affecting businesses

  • Inflation Reduction Act & Secure Act 2.0

  • GREEN ENERGY TAX INCENTIVES ​

  • BUSINESS TAX CREDITS

  • EMPLOYEE RETENTION CREDIT (ERC): UPDATE ONLY ON THE LATEST FROM THE IRS

  • Material participation defined for business owners

  • PARTNERSHIPS

    • Major, general tax factors to consider

    • Partner W-2 wages?

    • Guaranteed payments vs. distributions

    • Self-Employment earnings

    • Partner’s personal expenses paid by partnership

    • Partner health, dental, vision 

    • Schedule K-2 & K-3 for partnerships

    • Share of liabilities tax and audit considerations

    • Partnership ”Bottom Dollar Guarantees”

    • Partnership representative

  • S-CORPORATION MATTERS

    • Social security taxes adjustments

    • IRS S-corporation acceptance letter 

    • Shareholder wages vs. distributions

    • Reasonable compensation 

    • More than 2% shareholder health, dental, vision and long-term care

    • Shareholder personal expenses

    • Schedule K-2 & K-3 for S-corporations

CPE INSTRUCTOR & AUTHOR:

JOSHUA JENSON, CPA

aka JJ THE CPA

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JJ has over 31 years of public accounting experience in the area of tax, specializing in LLC, partnership, S corporation, and related individual tax matters.  He still practices in the trenches in the CPA firm he founded over 26 years ago.

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Joshua Jenson is a licensed CPA in Oklahoma and Texas, licensed in all 50 states with the IRS and a member of the American Institute of CPAs and Oklahoma Society of CPAs. 

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JJ has traveled to over 60 cities, presenting tax courses to thousands of fellow CPAs, EAs and fellow Tax Pros covering the latest tax laws and strategies.

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JJ the CPA has over 94,000 SUBSCRIBERS and over 7.5 million views on his YouTube channel “JJ THE CPA,” and is heavily represented on social media, with daily postings, including daily videos released on everything dealing with money. 

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JJ has authored 2 books available on Amazon.

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Joshua has served as the past Chairperson of the OSCPA Educational Foundation and was named CPA of the year in Oklahoma City by his CPA peers. 

 

Joshua is a 1993 graduate of Abilene Christian University where he earned is accounting degree.

Materials Provided: ​

Seminar slides in pdf format. 

Learning Objectives

  • Learn what tax laws have changed.

  • Learn to better understand recent tax law.

  • Learn more about to serve your clients.

  • Learn of the effective dates of changes.

  • Learn what is projected as future hot areas of potential IRS audits.

Prerequisites

Participants should be familiar with Federal tax issues.

Advanced Preparation

None

Technology Requirement

None

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Credits

4 Tax/2 Mgmt

Prerequisite

Tax Experience

Qualifies for

CPE

Format

In-Person

Level

Update

Delivery Method

In-Person

Designed for

CPAs

Attendance

Required 

Field of Study

Taxes/Mgmt

Author

Joshua Jenson 

Advance Prep

None

Material Date

Up to date 

Cost

$297

Course #

FTU23

Administrative Policies

CPE Record Retention Policy CLICK HERE

Refund Policy CLICK HERE

Program Cancellation Policy CLICK HERE

Complaint Resolution Policy CLICK HERE

Course Update Policy CLICK HERE

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Additional General FAQs CLICK HERE

Content Development Policies

CLICK HERE 

CLICK HERE for additional FAQ's

FREQUENTLY ASKED QUESTIONS

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