2024 Tax Facts Individuals & Small Business

Tax Facts on Individuals & Small Business is the professional’s complete, authoritative resource to help individual tax payers and business owners maximize opportunities under today’s often complex tax rules. Tax Facts helps advisers of all kinds understand the tax implications of the recommendations that they make for their clients. This publication features:

• Thousands easy-to-read Q&As that comprehensively cover both individual tax issues and also tax issues that are most likely to be faced by small business owners
• Practical advice for any professional, including CPAs, attorneys, and estate and financial planners
• Detailed explanations of the various types of investment products and techniques that are most commonly used by individuals and businesses
• Practice Points give concise advice on how to handle real-world issues
• Having the right tax information helps avoid problems before they become costly mistakes, as well as correct problems when they do occur

New in the 2024 Edition:

• SECURE Act 2.0 changes, including the increase of the tax credit up to 100% of the ordinary and necessary cost of starting up a retirement plan for small employers with 50 or fewer employees and the new student loan matching benefit that employers may provide beginning in 2024
• description of an IRS memorandum clarifying when and whether a business owner could have properly qualified for the employee retention tax credit (ERC) based on supply chain disruptions
• update on a new rule requiring PayPal, Venmo and other third-party payment networks must report a taxpayer’s transactions in excess of $600 per year to the IRS, including the IRS’s updated FAQ on the new 1099-K reporting requirements
• explanation of IRS final regulations released in 2023 dealing with treatment of erroneous refunds of COVID-19-related credits
• update on the Department of Labor’s proposed new standard for determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act and its guidance on whether remote workers must be paid for short breaks taken throughout the course of the day
• discussion of the IRS’s released guidance on the types of claim substantiation that are acceptable health FSA plans
• update on the IRS’s ending of special rules allowing pre-deductible coverage of COVID-related testing and treatment
• discussion of when the Inflation Reduction Act’s 15% corporate alternative minimum tax applies
• update on ACA challenges, including a 2023 Texas case declaring that the ACA preventive care mandate is unconstitutional under the Appointments Clause of the U.S. Constitution

Topics Covered:

• Capital gains and losses
• Tax issues related to business income
• Passive and active business income
• Estate planning issues for small business owners
• Bad debt and worthless securities
• Small business valuation issues
• Buy-sell agreements
• Casualty and theft losses for individuals and businesses
• Nontaxable exchanges