Surgent's Top Business Tax Planning Strategies

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.

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

Prerequisites

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

Designed For

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

Objectives

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