AICPA’s 2007 Individual Tax Review Series: Beyond the Basics

• 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 - Travel and Entertainment
    • Chapter 2 - Depreciation
    • Chapter 3 - Capital Gains and Losses
    • Chapter 3 - Installment Sales
    • Chapter 3 - Capital versus Ordinary Income
    • Chapter 3 - Nonrecognition Provisions
    • 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 - Self-Employment Tax
    • Chapter 5 - Alternative Minimum Tax
    • Chapter 5 - Kiddie Tax
    • Chapter 5 - Estimated Tax and Penalties
• Chapter 2- Business and Rental Transactions
  • Learning Objectives
  • Introduction
  • Limitation on Losses and Deductions
    • Hobby Losses
    • Limitation on Passive Losses
    • Economic Performance Rule
    • Home Office Expenses
    • Vacation Homes
  • Business Deductions
    • Bad Debts
    • Ordinary Business Expenses
    • Travel and Entertainment
    • Depreciation
    • Section 179 Election to Expense Depreciable Property
    • Energy Efficient Commercial Building Expensing
    • Amortization
    • Net Operating Loss
• Chapter 3 - Property Transactions: Gain and Loss Issues
  • Learning Objectives
  • Introduction
    • Gain and Loss Recognition and Basis Rules
    • Gain or Loss Realized and Recognized
    • Capital Gains and Losses
    • Definition of Capital Asset
    • Capital Loss Limits
    • Basis of Property Acquired by Gift
    • Basis of Inherited Property
    • Installment Sales
  • Capital vs. Ordinary Income
    • Section 1231 and Depreciation Recapture
    • Ordinary Loss on Section 1244 Stock
    • Subdividing Real Estate
    • Section 1256 Futures Contracts
    • Definition of a §1256 Contract
    • Stock Trader's Gains and Losses
  • Nonrecognition Provisions
    • Overview
    • Like-Kind Exchanges
    • Involuntary Conversions
    • Rollover of Gain on Nonpublic C Corporation Stock Sold to ESOP
    • Transfers of Property between Spouses or Incident to Divorce
    • Sale of a Principal Residence
    • Loss on Demolition
• 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 - 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 6 - 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 7 - Latest Developments

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