51st Annual Federal Income Tax School - Denison

Chapters from the 2024 National Income Tax Workbook include the following. We will teach most of these chapters.

 

This chapter discusses the tax consequences when a debt owed by a decedent is canceled and the tax implications of the cancellation of a debt owed to the decedent. It explains planning techniques for the use of the increased basic exclusion amount before its sunsets in 2026. This chapter reviews the grantor trust rules, and it includes sample language that a tax practitioner should look for to determine whether a trust is a grantor trust. This chapter discusses when jointly owned property is included in the gross estate and how to determine the basis of property passing to a surviving joint owner. 

 

Related party rules frequently affect the timing or character of income or deductions and sometimes disallow a loss or deduction entirely. This chapter discusses the following: 

• I.R.C. § 267 loss limits/income matching 

• Transactions between related persons and partnerships 

• Disallowance of the I.R.C.§ 179 deduction and bonus depreciation on property acquired from a related party 

• Ordinary income treatment of related party gain from the sale or exchange of depreciable property 

• Like-kind exchanges with a related party 

• Related party installment sales 

 

This chapter covers important tax considerations for limited liability companies (LLCs). It reviews the default entity classifications, and how an entity can elect to change its default entity classification. It explains how a change in LLC ownership may cause a change in its default entity classification and the tax consequences of a change in classification. This chapter discusses tax issues for an LLC owned by spouses. It also examines the impact of LLC owner compensation on the QBI deduction and the section 179 deduction. Finally, this chapter explains a recent Tax Court case that applies a functional analysis to determine if a partner is a limited partner whose distributive share of partnership income may not be subject to self-employment tax. 

 

This chapter examines current issues that pertain to business entities, including beneficial ownership interest reporting and the pass-through entity tax deduction and the tax benefit rule. It explains how a tax practitioner can help a nonprofit organization maintain its tax-exempt status, and new guidance that allows an I.R.C. § 501(c) (3) organization to change to another exempt entity type. This chapter provides an overview of the centralized partnership audit regime, with a focus on how a partnership decides if it should elect out of that regime. 

 

This chapter covers issues key IRS issues for practitioners. Topics include the following: 

• When tax liens attach 

• Record retention requirements 

• IRS online accounts 

• E-filing requirements and exceptions 

• Taxpayer Advocate Service 

• IRS Stakeholder Liaison 

• Tax scams 

 

This chapter reviews the deduction for certain interest on indebtedness that is contingent on a future event, and the tax impact of conditions that arise after the sale. This chapter explains how to calculate the gain on a contingent payment installment sale, where the sale price has not been fixed in the year of the sale. This chapter explains what constitutes a business bad debt and the timing and amount of the deduction. It also discusses when fringe benefits are available to small business owners on a tax-favored basis. This chapter details eligibility for up to a $150,000 credit for employer-provided childcare. It explains the business meal and entertainment expense deduction, including several important exceptions to the limit on the deduction. 

 

This chapter details information that is essential for a tax practitioner who prepares tax returns claiming income and expenses from rental activities. It includes the following topics: 

• Residential real estate rentals 

• Passive activity loss limits 

• Self-employment tax on rental activities 

• Repairs/capital expenditures 

• Reporting rental activities on Schedule E (Form 1040) 

 

This chapter covers several current issues for tax practitioners preparing individual income tax returns, including the following: 

• Clean vehicle credits 

• Energy credits 

• Digital assets 

• Due diligence for head of household filing status, earned income tax credit, and other credits 

• Cancellation of debt 

• Health savings accounts 

• Section 529 qualified tuition programs 

 

This chapter discusses common tax issues for U.S. taxpayers with income or assets abroad, and non-U.S. taxpayers with income or assets in the U.S. It explains the requirements to withhold tax under the Foreign Investment in Real Property Tax Act. It discusses when a taxpayer needs an individual taxpayer identification number (ITIN). It details reporting requirements for gifts or bequests from a foreign person and FBAR filing requirements. Finally, this chapter explains how to prepare Form 1040-NR, U.S. Nonresident Alien Income Tax Return, with a focus on the different reporting requirements that apply. 

 

This chapter covers recently enacted tax legislation and procedures. It is organized by subject to help participants quickly find topics of interest and includes a table of tax provisions that expired or are set to expire. 

 

This chapter summarizes selected rulings and cases that were issued from September 2023 through August 2024. It gives participants an update on issues that are being addressed by the IRS and the courts.

 

This chapter reports the tax rates, deduction limits, credit limits, income thresholds and limits that change each year.