Surgent's 2024 Tax Update for Client Advisory Services

Overview

Client advisory services (CAS) professionals are becoming a more integral part of the operations of any CPA firm. As such, they must stay on top of changing tax law. In this course, we will explore tax changes in areas CAS professionals are involved with — information reporting, payroll tax issues, and tax credit and deduction documentation. We will also discuss relevant changes to individual and business tax returns so that CAS professionals can better assist clients with tax needs in the upcoming year.

Prerequisites

A basic understanding of federal taxation

Objectives

• Recall common tax deadlines, penalties, and potential remedies
• Identify the requirements and how to file for withdrawal of an ERC claim
• Recognize where to file an initial beneficial ownership report on the FINCEN website
• Identify where to claim deductions for software on Form 4562
• State the differences between 1099-K, 1099-NEC, and 1099-MISC
• Recognize when a taxpayer must file electronically
• Identify when a taxpayer may obtain an IP PIN
• State the reporting requirements for virtual currency
• Recognize reporting and substantiation requirements related to green energy credits

Highlights

• Common tax deadlines and penalties
• Employee Retention Credit - new developments
• Beneficial ownership information reporting
• Bonus depreciation changes
• Form 1099 reporting and changes
• Online accounts and IP PINs
• Virtual currency updates
• Green energy credit compliance