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Don Farmer's 2024 Proposals, Expiring Provisions & Disaster Relief

Available Until Dec. 31, 2025

Online

1.00 Credits

Member Price $45.00

Non-Member Price $45.00

Overview

Discover critical tax updates for 2024 and beyond.

This workshop provides essential insights into the latest tax policy and relief measures. You’ll explore key tax proposals from President-elect Trump, including potential reductions in corporate tax rates, the possibility of making estate tax cuts permanent, and exemptions for Social Security benefits and tips. The session also covers expiring provisions for 2024 and 2025, highlighting the expiration of key tax credits, deductions, and income tax rate modifications, including those affecting renewable energy incentives and the Child Tax Credit. Additionally, the workshop addresses disaster relief measures for taxpayers impacted by the 2024 hurricanes in the Southeast, including filing and payment extensions, guidance on claiming casualty losses, and the extended deadlines available to those affected. Stay informed and ready for the changes ahead with expert insights into these crucial updates.


Delivery Method: On-Demand
CPE Credit: Taxes
Program Level: Update

 

Highlights


  • Key Tax Proposals by President-elect Trump

    • Corporate tax rate reductions
    • Proposed tax exemptions for Social Security benefits, tips, and overtime pay
    • Making the 2017 Tax Cuts and Jobs Act (TCJA) individual and estate tax cuts permanent
    • Potential replacement of personal income taxes with increased tariffs
    • Introduction of new tariffs, including a baseline tariff on all imports and a 60% tariff on Chinese imports

  • Expiring Federal Tax Provisions for 2024 and 2025

    • Phase-out of the §168(k) bonus depreciation deduction
    • Expiration of renewable energy tax credits (e.g., biofuel, solar, and wind incentives)
    • Reduction or elimination of deductions and exemptions, such as the Child Tax Credit, standard deduction increases, and state and local tax (SALT) deductions
    • Expiration of individual income tax rate modifications from the TCJA
    • Changes to student loan debt forgiveness tax treatment and employer-paid student loan benefits
    • Sunsetting of business-related tax breaks, including the Work Opportunity Credit and deductions for meals and entertainment expenses

  • Disaster Relief for 2024 Hurricanes in the Southeast

    • Extended tax filing and payment deadlines for individuals and businesses affected by hurricanes in Florida, Georgia, South Carolina, and North Carolina
    • IRS guidance on claiming casualty losses for disaster-related damages
    • Additional tax relief and state-level filing extensions for taxpayers impacted by Hurricanes Debby, Helene, and Milton
    • IRS and FinCEN extensions for certain tax filings, including FBARs and business ownership reports
    • Special tax provisions for rebuilding efforts, including sales tax relief for affected property owners

    • Prerequisites

    None

    Designed For

    Tax professionals

    Objectives

    • Recognize key tax proposals by President Trump and his campaign.
    • State upcoming expiring provisions for 2024 and 2025.
    • Identify disaster relief given to taxpayers in certain locations as a result of 2024 hurricanes in the Southeast.

     

    Preparation

    None

    Notice

    VSCPA

    Leader(s):

    Leader Bios

    David Peters, Founder & Owner, Peters Tax Preparation & Consulting

    David Peters, CPA, CFP, CLU, CPCU, MST, MBA, is the founder and owner of Peters Tax Preparation & Consulting in Richmond, as well as a financial advisor for Peters Financial, LLC. He has over 15 years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever chief financial officer at Compare.com – a position he held for over three years. He is a national CPE instructor/discussion leader for the AICPA, Kaplan, and Surgent, and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches courses in accounting, finance, insurance, financial planning and ethics throughout the United States. He is the advisor for business and industry topics for the South Carolina Association of CPAs (SCACPA) and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four master’s degrees. He contributes regularly to various CPA publications, including the North Carolina Association of CPAs’ (NCACPA) Interim Report, SCACPA’s CPA Report and the Virginia Society of CPAs’ (VSCPA) Disclosures. He was also a co-author of the 2018, 2019 and 2020 versions of the Virginia-Specific Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.

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    Non-Member Price $45.00

    Member Price $45.00

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