Essential Guide for Individuals Preparing for the Upcoming Tax Filing Season

About the Course:

Each tax year presents new and existing tax issues requiring tax specialist to consider and prepare for when advising their clients. One nagging issue that crosses the timeline is the SECURE and SECURE 2.0 Acts. Both acts emphasized saving for retirement and both acts provided changes in the tax law that became effective in different years. The tax year 2024 is no exception. SECURE 2.0 Act modifies and introduces tax provisions encouraging individuals to participate in such plans. However, most taxpayers are concerned with ways to minimize their tax liability. Hence, it is important to appreciate the critical tax issues including, but not limited to, deductible items, gambling winnings & losses, qualified charitable deductions, and the treatment of income received from third-party payers (e.g., PayPal, Venmo). Therefore, this session discusses the applicable tax provisions and modifications introduced by recent legislation for tax year 2024 as well as issued technical corrections.

Course Objective:

• Each tax year presents new and existing tax issues requiring tax specialist to consider and prepare for when advising their clients. One nagging issue that crosses the timeline is the SECURE and SECURE 2.0 Acts. Both acts emphasized saving for retirement and both acts provided changes in the tax law that became effective in different years. The tax year 2024 is no exception. SECURE 2.0 Act modifies and introduces tax provisions encouraging employers to sponsor retirement savings and individuals to participate in such plans. But like most tax laws, the interpretation of the law may be tricky to understand and as a result, a Technical Correction Act as well as Treasury interpretations are necessary. Therefore, this webinar will present the changes to the legislation, illustrate them, and highlight the effective dates. In addition, a review of critical tax issues impacting individuals such as deductible items, gambling winnings & losses, qualified charitable deductions, and the treatment of income received from third-party payers (e.g., PayPal, Venmo) to name a few. But one must remember that tax is an ever-changing area and as such, it is imperative that tax professionals verify the most current state of a tax provision.

Who is the Target Audience?

• Anyone can attend whoever is interested

Basic Knowledge:

• Understanding of U. S Tax