Event Description

The 2024 U.S. national elections have turned the federal world upside down again. This course takes a well-grounded look at the President elect’s campaign promises, expiring tax legislative provisions and likely agenda.
 
While the Senate flipped to Republican, votes for the House are still being counted. If the House goes to the Democrats, what will be the likely compromises? If the House stays Republican, what is likely to be pushed through? Keep in mind that tax bills originate in the House.

Objectives

We’ll take a look at the tax nitty gritty of 2024 and 2025 (and beyond) tax planning surrounding:
 

• The impact of tax rates on optimal timing of income and deductions
• Whether to make gift transfers (or other estate planning moves) now or hold off 
• Proposed exemption of tip income from federal taxes  
• Proposed tax credit for family caregivers of the aged (or other loved one)
• Exempting overtime pay from all taxes  
• Extension of TCJA business tax cuts
• §199A QBID deduction
• §168(k) bonus depreciation
• Current write-off of §174 R&D expenses
• 100% expensing for purchase of manufacturing equipment
• Future of IRS funding 
• Repealing the state and local tax deduction cap AMT implications 
• Social Security benefits exemption
• 15% tax rate for domestic manufacturing 
• Repeal of Corporate AMT and Buyback Tax
• Scrapping of energy tax credits
• Child tax credit Standard deduction Personal exemption restoration
• Deducting interest expense on loans on U.S. manufactured cars 
• Exemption of salaries of expatriates 
• Retroactive deduction for purchase of a generator in a Hurricane zone 
• Impact of tariffs imposed on foreign imports 
• Every other TCJA provisions set to otherwise expire