Quarterly Tax Update Spring 2024  

The Corporate Transparency Act (CTA) enacted rules for reporting of beneficial ownership information (BOI) of certain business entities. The filings are not with the IRS but with FinCEN and commenced January 1, 2024. It is important that accountants have a working knowledge of these rules and the implications for their practice. Additionally, this course looks at taxes that are imposed on the gratuitous transfer of property, whether during life or at death. The estate tax is imposed under sect. 2001. This wealth transfer tax consists of two related parts, gift tax on lifetime gifts and estate taxes on transfers at death. In addition, if the recipient of a transfer is two or more generations younger than the transferor, a separate generation-skipping transfer tax may apply. These taxes operate as a single, cumulative tax over the course of one's lifetime. The federal gift, estate, and generation-skipping taxes (GSTT) apply to a resident or citizen of the United States, regardless of where the transferred property is located.

By proceeding to the examination, you acknowledge and confirm that you have completed the required coursework.