The reversal of the proposed capital gains inclusion rate increase has created significant implications for tax planning and compliance. CPAs must now assess whether previously implemented strategies need to be adjusted, particularly regarding corporate tax filings.

This course provides a comprehensive update on the impact of these changes and the critical areas that require attention during the 2024 tax season.

Key topics include:

• Alternative Minimum Tax (AMT): How large capital gains may now trigger AMT and what that means for affected taxpayers.
• Revisiting Prior Planning: Adjustments needed for transactions structured under the assumption of a higher inclusion rate, including Section 85 rollovers.
• Amending Filed Returns: Identifying scenarios where corporate tax returns may need revisions.
• Capital Dividend Account (CDA) Elections: Understanding the implications for corporations that have already made elections.
• Reporting Requirements for 2024: Updates on Schedule 3 and other tax return considerations.
• Capital Gains Exemption (CGE): Application of the enhanced $1,250,000 exemption as of June 24, 2024.
• Possible Penalty and Interest Relief on Certain Tax Filings.

Who should attend? This course is essential for CPAs providing tax advice, ensuring they are prepared to guide clients through the evolving tax landscape and mitigate any unintended consequences.

Recorded: March 04, 2025