AICPA’s 2007 Individual Tax Review Series: Nuts and Bolts

• Chapter 1 - Summary of Major Individual Tax Developments
  • Learning Objectives
  • Introduction
  • 2007's Key Inflation-Indexed Figures and New Law Changes
    • Standard Mileage Rates per Mile
    • High Low Per Diem Rates for Business Travel
    • Depreciation Dollar Caps for Business Vehicles
    • Qualified Plans
    • Other Indexed Amounts
    • Changes Scheduled by Statute
    • Individual Income Tax Rates for 2007
  • Summary of Major Developments
    • Chapter 2 - Filing Status
    • Chapter 2 - Exemptions and Dependents
    • Chapter 3 - Dividend and Interest Income
    • Chapter 3 - Compensation Issues
    • Chapter 3 - Employee Stock Options
    • Chapter 3 - Nonqualified Deferred Compensation Plans
    • Chapter 3 - Nontaxable Fringe Benefits
    • Chapter 3 - Taxable Fringe Benefits
    • Chapter 3 - Retirement Plan Distributions
    • Chapter 3 - Other Taxable Income Items
    • Chapter 3 - Income Exclusions
    • Chapter 4 - Educator Expenses
    • Chapter 4 - Self-Employed Retirement Plans
    • Chapter 4 - Higher Education Tuition Deduction
    • Chapter 4 - Health Savings Account (HSA) Contributions
    • Chapter 4 - Self-Employed Health Insurance Deduction
    • Chapter 4 - Alimony Paid
    • Chapter 4 - Deduction for Domestic Production Activities
    • Chapter 5 - Phase-Out of Itemized Deductions
    • Chapter 5 - Deduction for State and Local Sales Taxes
    • Chapter 5 - Interest Expense
    • Chapter 5 - Charitable Contributions
    • Chapter 5 - Other Deductions
    • Chapter 6 - Self-Employment Tax
    • Chapter 6 - Alternative Minimum Tax
    • Chapter 6 - Kiddie Tax
    • Chapter 6 - Estimated Tax and Penalties
    • Chapter 7 - Tax Credits Allowable to Individuals
• Chapter 2 - Filing Requirements and Personal Exemptions
  • Learning Objectives
  • Introduction
  • Filing Requirements and Filing Status
    • Filing Requirements
    • Filing Status
    • Special Filing Rules for Husband-Wife Businesses
    • Innocent Spouse Relief
    • When Married Couples Should Consider Separate Returns
    • Treatment of Community Income Where Spouses Live Apart
  • Exemptions and Dependents
    • Personal Exemptions
    • Phase-out of Personal Exemptions
    • Dependency Tests
    • Dependents of Divorced or Separated Parents
    • Separate Return for Married Child Can Save Parent's Dependency Exemption
• Chapter 3 - Gross Income Inclusions and Exclusions
  • Learning Objectives
  • Introduction
  • Dividend and Interest Income
    • Dividend Income
    • Reduction in Dividend Tax Rate
    • Interest Income: Imputed Interest and U.S. Bond Income
  • Compensation Issues
    • Tip Income
    • Employee Stock Options
    • Nonqualified Deferred Compensation Plans
    • Employee Awards and Gifts
    • Nontaxable Fringe Benefits
    • Taxable Fringe Benefits
    • Foreign Earned Income Exclusion
    • Other Earned Income Exclusions
  • Retirement Plan Distributions
    • Lump Sum Distributions
    • Rollovers
    • Distributions from IRAs and Qualified Plans
    • IRA Rollover Privilege for Non-Spousal Retirement Account Beneficiaries
  • Other Taxable Income Items
    • Annuities
    • Social Security Benefits
    • Earnings Ceiling for Receipt of Social Benefits
    • Unemployment Benefits
    • Prizes and Awards
    • Jury Pay
    • Recovery of Tax Benefit Items
  • Income Exclusions
    • Life Insurance Proceeds
    • Scholarships and Fellowships
    • Education IRAs (Coverdell Education Savings Accounts)
    • Section 529 Qualified Tuition Programs
    • Gifts and Inheritances
    • Personal Injury Awards
    • Gross vs. Net Reporting on Taxable Legal Awards
    • Foster Care Payments
    • Discharge of Debt
• Chapter 4 - Adjustments to Income
  • Learning Objectives
  • Introduction
  • Adjustments to Income
    • Summary of Adjustments
  • Educator Expenses
    • Overview
  • Self-Employed Retirement Plans
    • Keogh Plans
    • SIMPLE Plans for the Self-Employed
    • Simplified Employee Pension (SEP) Plans
    • Individual Retirement Accounts (IRAs)
  • Student Loan Interest Deduction
    • Overview
    • IRS Guidance
    • Information Reporting
    • Income Phase-Out Range
  • Qualified Higher Education Tuition Deduction
    • Overview
    • Deduction and Income Limits
    • Coordination with Other Higher Education Incentives
    • Definition of Eligible Education Costs
  • Health Savings Account (HSA) Contributions
    • How HSAs Work in a Nutshell
    • Determining Eligibility for HSA Contributions
    • HSA Contributions for Married Individuals
    • HSA Contribution Eligibility Can Be Determined at Yearend (but Watch Out for Nasty Recapture Rule)
    • New HSA Rollover Deal for FSA and HRA Balances (but Watch Out for Nasty Recapture Rule)
    • New IRA-to-HSA Rollover Deal (but Watch Out for Nasty Recapture Rule)
    • Pay Attention to Important HSA Timing Considerations
    • Summary Client Advice on HSAs and HDHPs
  • Moving Expenses
    • Overview
    • Who May Deduct Moving Expenses
    • Direct Moving Expenses
    • Mileage Limitations
    • Time Requirements
    • Connection with Start of Work
    • IRS Reporting
  • Self-Employed Health Insurance Deduction
    • Overview
    • General Rules
  • Alimony Paid
    • Overview
    • Reporting Alimony
    • Recapture of Alimony Payments
  • Deduction for Domestic Production Activities
    • Overview
    • Eligible Production Income
    • The Wage Limitation
    • Eligibility Issues
    • Claiming the Deduction
  • Selected Other Pre-AGI Deductions
    • Travel Expenses of Guard and Reserve Members
    • Jury Duty Pay Paid to an Employer
• Chapter 5 - Standard or Itemized Deductions
  • Learning Objectives
  • Introduction
  • Standard Deduction
    • Overview
    • Basic Standard Deduction
    • Additional Standard Deduction for Age and Blindness
    • Standard Deduction for Dependents
    • Certain Individuals Not Eligible for Standard Deduction
    • Phase-out of Itemized Deductions
  • Medical Expenses
    • Overview
    • Timing Medical Expense Payments
    • Prepayment for Lifecare
    • Capital Expenditures
    • Hospitals and Nursing Homes
    • Lodging and Transportation
    • Divorced Parents
    • Long-Term Care Insurance
    • Definition of Eligible Medical Expenses
  • Tax Expense
    • Overview
    • Deductible Taxes
    • Nondeductible Taxes
    • Taxes on Sale or Purchase of Property
    • Deduction for State and Local Sales Taxes
  • Interest Expense
    • Overview
    • Trade or Business Interest
    • Investment Interest
    • Passive Activity Interest
    • Qualified Residence Interest
    • Personal Interest
    • Allocating Interest Expense
    • Prepaid Interest
    • Below-Market Loans
  • Charitable Contributions
    • Overview
    • Charitable Contribution Percentage Limitations
    • Amount of Deduction
    • Appreciated Property Charitable Contribution
    • Bargain Sales to Charity
    • Other Charitable Deduction Rules
    • Charitable Contributions with Gift or Other Benefit to Donor
    • Substantiation Requirements
    • Reporting and Appraisal Requirements on Property Contributions
    • Information Report by Donee
    • Charitable Contributions from IRAs
  • Casualty and Theft Losses
    • Overview
    • Deduction Limitations
    • Handling Personal Casualty and Theft Losses
    • Special Rules for Disaster Losses
  • Miscellaneous Itemized Deductions
    • Overview
    • Percentage Phaseout
    • Accountable Plans
    • Nonaccountable Plans
    • Per Diem Allowances
  • Other Deductions
    • Job-Seeking Costs
    • Education Expenses
    • Gambling Losses
    • New Temporary Deduction for Mortgage Insurance Premiums
• Chapter 6 - Tax Computations
  • Learning Objectives
  • Introduction
  • Self-Employment Tax
    • General Rules
    • Active Business Requirement
  • Alternative Minimum Tax
    • General Rules
    • AMT Adjustment Items
    • AMT Preference Items
    • AMT Reduction Strategies
    • AMT Exemption
    • AMT Rates
    • Minimum Tax Credit
    • Tax Credits as an AMT Offset
  • Kiddie Tax
    • Child's Age Is the Key Factor
    • Kiddie Tax Rules for 2007
    • Stricter Kiddie Tax Rules for 2008 and Beyond
    • Kiddie Tax Avoidance Strategies for 2008 and Beyond
    • Calculation of the Kiddie Tax
    • Other Kiddie Tax Factors
    • Election to Claim Child's Unearned Income on Parents' Return
  • Estimated Tax and Penalties
    • Estimated Tax Payments
    • Penalty for Underpayment of Estimated Tax
    • Penalty for Underpayment of Tax Due
    • Accuracy-Related Penalties
    • Negligence and Disregard of the Rules
    • Substantial Understatement of Income Tax
    • Fraud
    • Fraudulent Failure to File
    • New Penalty on Erroneous Claims for Refunds or Credits
    • Extensions
• Chapter 7 - Tax Credits
  • Learning Objectives
  • Introduction
  • Tax Credits Allowable to Individuals
    • Refundable and Nonrefundable Credits
    • Child Tax Credit
    • Child and Dependent Care Credit
    • Higher Education Tax Credits
    • Adoption Credit
    • Minimum Tax Credit
    • Earned Income Credit
    • Tax Credit for Contributions to a Retirement Plan
    • Refundable Health Insurance Credit
    • Alternative Motor Vehicle Credits
    • Residential Energy Credits
• Chapter 8 - Ethics Focus: Taxation
  • Ethics Overview
  • Recent Developments
  • Spotlight on Independence in Tax Services
  • Key Ethical Dilemmas and Judgment Calls
  • Addressing Ethical Dilemmas
  • Available Resources
• Chapter 9 - Latest Developments

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