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

Author/Moderator: William R. Bischoff, MBA, CPA
Publisher: AICPA
Availability: In Stock
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Description

This outstanding course covers the more difficult aspects of individual federal tax returns. It is the perfect follow up for the primer “Nuts and Bolts” course. These two courses comprise the individual tax review series, which provide the latest practical insights from nationally recognized tax experts. Both courses will not only drill down on the critical tax areas, but they will also cover the latest tax developments. You will learn how to apply the latest changes when preparing federal individual income tax returns and advise clients on new developments and tax-saving ideas for individuals. Many key tax return issues are covered in this course.

Objectives: 

  • Apply the latest changes when preparing federal individual income tax returns
  • Advise individual clients on developments and tax-saving ideas

Prerequisite: None

Accepted for CFP® credit.

Table of Contents

  • 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

733630

Excerpts

Videocourse Details

NASBA Field of Study: Taxes
Level: Update
Recommended CPE Credit: 12
Text
Product# 733630
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