2024 Federal Tax Updates

Stay up to date with this informative and entertaining recap of important cases, rulings, regulations, and legislation from the past 12 months in the federal income, estate, and gift tax laws.

Estate Planning When Federal Estate Tax is Not an Issue-Estates Under $10 Million

With Federal Estate tax exclusions at nearly $14 Million per person, most Americans do not need many traditional estate planning techniques. Here we will discuss which techniques are most appropriate and why to take advantage of state estate taxes and drafting for flexibility. We will discuss both planning ideas under current law, and maintaining flexibility for potential future changes.

Review of Estate Tax laws and their impact on individuals and married couples how current law may affect the existing planning clients have had in place. Non-tax reasons and state estate tax for estate planning what to consider when planning or drafting for flexibility

Estate & Gift Valuation and IRS Audits

A brief background on the IRS organization and pertinent changes related to this topic are presented. These changes include the road ahead, major audit expansions, and implications for business valuations. Insight is provided on classification, top adjustment areas, historical results, and actions to take. Pertinent court cases are presented and suggestions on how to avoid and what to do if audited by the IRS with applications using neuroscience are offered. These techniques may apply to resolving conflict and negotiating winning solutions using The Collaboration Effect®.

Smart Planning with Real Estate Assets

Real estate represents a staggering 43% of the nation’s wealth, and as a trusted advisor, you’re pivotal in guiding clients through the complexities of diversifying their holdings. This workshop is designed to arm you with an arsenal of tax-advantaged strategies for real estate transactions that align with your clients’ financial goals. We will dissect options that not only mitigate tax liabilities but also offer avenues for lifetime income, estate planning benefits, and charitable giving.

Connelly Decision and Ramifications

When family-owned or other closely held companies experience a major shareholder event, such as death, divorce, or retirement of a shareholder, it can jeopardize the future and stability of the enterprise. When these triggering events occur, it’s important to have protective strategies in place to support a seamless transition of ownership. This session will discuss developing or revisiting buy-sell agreements with a discussion of recent court cases, including Connelly v. United States.

Partnership Tax “Hacks” (Simple Solutions to Client Conundrums)

An entity taxed as a partnership (or disregarded entity) is the most flexible tax planning tool for practitioners, but with that flexibility comes complexity in the form of Subchapter K of the Code. This presentation will discuss partnership planning ideas that: (i) address common and identifiable client situations, (ii) are understandable, straightforward, and actionable; and (iii) provide superior results for clients.

Now What? Planning in a Post-Election, Pre-Sunset World

How will the new Congress and the White House handle the scheduled sunset of most of the 2017 Tax Cuts and Jobs Act? Is there any appetite for enacting other reform proposals like excluding social security benefits and tip income? This closing session will explain how the legislative process will affect tax legislation and when we can expect final legislation to be enacted. It will also discuss some planning ideas that clients should consider in the current climate.