Constant changes to the tax code make Form 1040 preparation an ongoing adventure. This self-study webinar gives you the confidence to:
- Prepare tax forms, schedules and worksheets using the most recent forms available
- Gain a working knowledge of tax law
- Understand recent developments affecting individual tax returns
To give financial professionals a thorough review of, and an update on, Form 1040s. You will survey expiring tax law provisions. You will also examine areas of the form that can cause confusion.
- Impact of the Tax Cuts and Jobs Act on preparation of Form 1040
- Treatment and outlook for expiring tax law provisions
- 3.8% net investment income tax
- 0.9% additional Medicare tax
- Premium tax credit and individual responsibility
- Dependency exemptions and phaseouts
- Kiddie tax and child tax credit
- Education credits and education-related expenses
- Itemized deductions, limitations and phaseouts
- Capital gains tax
- Sale of principal residence
- Treatment of rental activities
- Employee business expenses
- Miscellaneous deductions limitation and exceptions
- Tax credits for adoption, dependent care and other personal tax credits
- Alternative minimum tax and credits
- Pension, retirement and IRA basics
• Identify the primary characteristic of a qualified opportunity zone (QOZ)
• Identify the time threshold for receiving a tax deferral by investing in a qualified opportunity fund (QOF)
• Recognize the QOF guidance issued to date by the Treasury Department
• Recognize the deferral periods found within the QOF legislation
• Recognize the available gain deferrals associated with investment in a QOF
• Identify the types of gains eligible for deferral under the QOZ program
• Identify the options for gain deferrals among both partners and their partnerships
• Recognize the mechanics of electing to defer gain under the QOF rules
• Recognize the characteristics of a QOF
• Identify the characteristics of QOZ stock and a QOZ partnership
• Identify the characteristics of a QOZ business
• Recognize the timeline for obtaining a property’s “substantial improvement” in the context of the 90% rule of a QOF
• Recognize the mechanics for self-certifying the QOF status
