Top Business Tax Planning Strategies - Connecticut Society of CPAs

Overview

Tax planning for 2024 is largely based upon legislation contained within the Inflation Reduction Act and the SECURE Act 2.0, both enacted in 2022, that offer new planning options and challenges for businesses in 2024. There are, however, other business tax changes in 2024 that result from different pieces of tax legislation, IRS pronouncements, and court cases that need to be taken into account from a planning perspective. This program analyzes the new opportunities and challenges that these tax changes offer to businesses and their owners that impact 2024 and sometimes later years.

Objectives

Advise business owner clients on adopting tax planning strategies that would reduce their tax liability for 2024

Highlights

Complying with the beneficial ownership information reporting requirements

The current status of the Employee Retention Credit Voluntary Disclosure Program

Using the newly expanded access to business tax accounts for partners and shareholders of S corporations

IRS guidance allowing car dealers to provide electric vehicle tax rebates upfront to qualified auto buyers

Monetizing energy credits

Amortization of research and experimental expenditures

Dealing with the taxpayer loss in the Tax Court in Soroban Capital Partners requiring managers to pay self-employment tax on certain payments to limited partners

Contributions to Roth "catch-up" plans

Roth contributions to a SEP and Simple IRA

Employer matching contributions to a Roth account

Section 179 and bonus depreciation

Roth 401(k) contributions no longer subject to RMDs during the owner's lifetime

Designed For

Tax practitioners who anticipate advising business clients in 2024 regarding strategies to reduce or eliminate federal income taxation

Prerequisites

A basic understanding of the tax rules relating to individual income tax

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Donald Cooley, Surgent McCoy CPE, LLC

Leader Bios

Donald Cooley, Surgent McCoy CPE, LLC

Donald B. Cooley, CPA is a partner in the accounting firm of Parfitt, Cooley & Associates. He has over 30 years of public accounting experience, specializing in tax planning, succession planning, and management advisory for closely held businesses and individuals. His work experience includes time with local and Big Four accounting firms. He is an adjunct faculty member at Ohio University and has presented a variety of tax topics for Surgent throughout the United States over the past decade. From 2015 to 2020, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Mr. Cooley graduated from Ohio University with a degree in accounting.

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