Intermediate Individual Taxation - Tax Staff Essentials

Overview

Frequent changes in legislation make it difficult to keep track of the opportunities for individuals to save on their taxes. Materials provide explanations of the latest in tax law changes and the individual and business planning opportunities they provide. Explore, in-depth, the effects of the latest tax legislation, including the SECURE Act, the SECURE 2.0 Act, the Inflation Reduction Act, tax court decisions, and IRS guidance on the hottest tax topics affecting individual taxpayers, including those with small businesses. This course provides a wealth of tax-planning tips and strategies and addresses key tax return issues to arm you with the latest guidance to better serve your new and existing clients.

Prerequisites

Knowledge of individual income taxation and Form 1040 preparation

Objectives

• Determine the various items that should be included or excluded in an individual's gross income and their proper tax treatment.
• Recognize how material participation affects the taxation of an activity.
• Identify and calculate the business deduction for home office expenses and deduction limitations on vacation homes and other ordinary business expenses.
• Recognize the tax implications of having rental real estate classified as an active or passive activity.
• Determine the amounts allowable for deducting travel, transportation, and meals expenses.
• Determine the appropriate tax treatment of certain self-employed retirement plan distributions and rollovers.
• Calculate the qualified business income deduction.

Highlights

Gains and losses on property transactions Fringe benefits Retirement plan distributions Hobby losses Home offices Depreciation and amortization Tax credits The qualified business income deduction under Section 199A