.png){kind=logo}
Instructor
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.
Is there such a thing as a “light” tax year? If there is, 2023 certainly isn’t it! It seems the volume of tax developments increases every year and 2023 is no exception. Most of the tax provisions in SECURE Act 2.0 (enacted December 29, 2022) are first effective for 2023. The SECURE Act modifies the RMD rules for retirement plans and makes an unprecedented number of changes to other retirement plan provisions. In addition, all the modified energy credits included in the Inflation Reduction Act (IRA) are first effective for 2023. This includes credits for electric vehicles, increased credits for energy-efficient home improvements, increased business energy credits, and the provision allowing the sale of energy credits between taxpayers. In addition, there have been important IRS regulations, other IRS releases, and important court decisions during 2023. Don=s 2023 Tax Update will focus on 2023 developments affecting 2023 returns and 2023 tax planning, including planning with SECURE 2.0, the Inflation Reduction Act, IRS releases, and court cases.
Just some of the topics to be covered include:
To 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 2023 returns and tax planning, including any new 2023 legislation, important regulations, rulings, and court cases. The seminar is designed to update participants concerning 2023 tax developments emphasizing practical solutions to problems and tax planning opportunities.
The major topics covered in this seminar include:
1) A review of the latest new law provisions affecting 2023 returns;
2) A review of any late-breaking 2023 tax legislation;
3) 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 2023 Rev Proc providing rules for automatic changes in accounting methods (including changes in accounting methods to comply with these new regulations),
4) New regulations modifying the required minimum distribution (RMD) rules for 2023 to comply with SECURE Act changes,
5) New life expectancy tables for determining 2023 RMDs,
6) IRS ruling explaining when vacation home rentals are subject to S/E tax,
7) New cases determining FBAR penalty calculations,
8) New pro-taxpayer hobby loss case,
9) Election for Partnerships and S corporations to pay state income tax at entity level and by pass Federal SALT limitation,
10) Other new tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses.
The presentation will emphasize tax planning opportunities resulting from these recent developments.
.jpg)
Don Farmer, CPA PA
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.
200 Inverness Dr W, Englewood, Arapahoe County, Colorado 80112
Get DirectionsNone
Individuals having one or more Tax Seasons and a general understanding of 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.