2024 Extension Season Wrap-Up and Planning for the Balance of 2024 and Beyond
Register09:00am - 12:00pm MT
10:00am - 01:00pm CT
11:00am - 02:00pm ET
- 08:00 am – 11:00 am Pacific Time
- 09:00 am – 12:00 pm Mountain Time
- 10:00 am – 1:00 pm Central Time
- 11:00 am – 2:00 pm Eastern Time
This course provides the Tax Professional with the tools needed to finalize all outstanding 2023 Forms 1040 by the October 15th, 2024 deadline. The session will review IRS processing issues that are being experienced and will provide guidance on completing the unfinished returns.
Since many of the extended returns may be the result of late received Scheduled K-1s from Partnerships, S-Corps, Estates and Trusts, there will be review of the Schedule K-1s from each type of entity and how and where to report the information on the Form 1040. The Schedule K-1 and instructions will be reviewed in order to provide general guidance on reporting the transactions that are on the Schedule K-1.
In addition, the session will review where the IRS has made progress in better servicing Tax Professionals and taxpayers, and where improvements are still lagging even after the additional funding provided to the IRS in the Inflation Reduction Act of 2022.
The course will review IRS administrative actions that have impacted the 2024 Tax Season as well as the 2024 Extension Season. Any new or proposed Legislation by Congress will be discussed.
At the conclusion of this session, participants will have achieved a better working knowledge of the tools needed to finalize any outstanding 2023 tax returns by the October 15, 2024 deadline. An approved knowledge of how to read a Schedule K-1 will be obtained.
The Tax Professional will be better equipped on assisting their clients in the completion of the 2023 Form 1040 as well as being ready to provide guidance for minimizing tax in 2024 and beyond.
