Get ready for the upcoming tax season! This comprehensive CPE course presents what’s new and what has changed in the federal individual income tax arena. It brings you up-to-the-minute guidance on the latest tax legislation, court decisions and IRS pronouncements. Gain practical insights and valuable tax-saving strategies from AICPA’s seasoned tax professionals who know what the new laws, rules, and court rulings can mean for real-world taxpayers. With the ever changing tax laws and their increased complexity, you can’t afford to miss this course!
- Latest tax legislation, court rulings, and IRS pronouncements related to individuals and sole proprietors
- Practical return preparation tips
- Latest developments for pass-through entities that affect Schedule C and Schedule E
- Tax-saving ideas
- Unique insights into new planning strategies
- Latest IRS rulings impacting individuals
- DOMA, same sex marriage, and its impact on taxes
- Latest developments on estates, gifts, and trusts
- Depreciation and amortization
- Identify those provisions subject to extender legislation.
- Recall the definition of “damages” for purpose of the physical injury exclusion.
- Identify the requirements for tip reporting.
- Recognize the requirements for a tax home to establish travel expenses.
- Distinguish deductible alimony from non-deductible child support.
- Identify the substantiation requirements for charitable contributions.
- Identify the nine criteria used to evaluate hobby loss deductions.
- Recognize the requirements for substantiation of business deductions.
- Distinguish state law from Subchapter K characterizations of recourse debt.
- Recognize the effect of community property law on S corporation stock ownership.
- Determine when an investment constitutes a partnership for tax purposes.
- Distinguish how the passive activity loss rules apply to real estate professionals.
- Determine the impact of intent on characterization of gain as capital or ordinary.
- Identify the annual inflation adjustments for various items.
- Identify situations in which the health coverage tax credit is applicable.
- Recognize the new reporting requirements for education credits.
- Determine the credit for nonbusiness energy property.
- Identify the significance of the Supreme Court’s King v. Burwell decision.
- Recognize the basis consistency rule for inherited property.
Prerequisite: Two years of tax experience