Tax Planning for Individuals: A Review & Update Self-Study Webinar (10 Hours)

Overview: 

Explore the full gamut of tax provisions, regulations, rulings and court cases affecting current year tax preparation and subsequent years’ tax planning for individuals. In this targeted program, you will:

  • Learn about the tax impacts of recent legislative actions
  • Receive an update on pending tax legislation and other developments
  • Gain practical knowledge of how to fill out tax forms related to all the issues discussed

 

Objective: 

To provide tax professionals with an update on important legislative, regulatory and judicial actions impacting individual taxpayers. You’ll leave with a thorough understanding of the current laws, regulations and a host of planning strategies to help you and your clients minimize tax exposure now and in the future.

Emphasis: 
  • Individual Tax Brackets, Standard Deductions
    – Personal exemptions
  • Itemized Deductions
    – Medical deduction changes
    – Mortgage interest
    – SALT
    – Charitable contributions
    – Casualty and theft
  • Mortgage & Other Interest Expense
    – Qualified residence
    – Investment
    – Business
    – Higher education loan
    – Passive activity
    – Personal
  • Capital Gains & Carried Interest
    – Qualified dividend tax rates
    – Unrecaptured §1250 gain
    – Form 8949—Sales and Other Dispositions of Capital Assets
  • Adjustments to Income & Income Exclusions
    – Alimony and separate maintenance agreements
    – Moving expense reimbursement
    – Qualified retirement plans
    – Principal residence
    – Tuition
  • Child Tax Credit & Kiddie Tax
  • Health insurance & 529 College Savings Plans
    – Affordable Care Act
  • 199A Qualified Business Deduction
    – Qualified trades and businesses
    – Taxable income limitation
    – Qualifying property
    – Carryover of losses
    – Type of entity (sole proprietor, S Corp, C Corp)
    – Employees and contractors
    – Retirement contributions
  • Estates, Gift Tax & GST Tax
  • Other Changes
    – Contesting IRS levy changes
    – Additional due diligence
    – Extenders
    – SECURE Act
  • Residential Rental Property
  • Sale of a Principal Residence
  • Passive Loss Rules
    – Suspended losses
    – Special allowance
  • Retirement Plans & Stock Options
    – Taxability of qualified and nonqualified plans
    – Equity grants
  • Alternative Minimum Tax—Individuals

• Identify the extent to which Congress has passed tax legislation in response to the pandemic

• Identify the TCJA’s effect on individual taxpayer’s tax brackets, personal exemptions and the standard deduction

• Recognize the change to the AGI threshold for itemized medical and dental expenses made under the Consolidated Appropriations Act of 2021

• Recognize the change to the limitation on the charitable deduction made under the CARES Act and the Consolidated Appropriations Act of 2021

• Recognize the new above-the-line charitable deduction (for 2021 only) allowable under the Consolidated Appropriations Act of 2021

• Identify recent changes made to the limitation on the deductibility of business interest

• Recognize the number of days in which the interest tracing rules automatically allocate debt based upon how the proceeds are used

• Identify the sale of capital assets subject to a rate in excess of the otherwise maximum rate of 20%

• Identify the recent changes made to the IRC Section 127 employer educational assistance program under the CARES Act and the Consolidated Appropriations Act of 2021

• Recognize the recent changes made to the child tax credit under the American Rescue Plan Act

• Recognize the overall approach taken by Congress to give income tax relief to pass-through income recipients

• Identify the basic formula for tax relief under Section 199A

• Identify the effective tax rate applicable to income qualifying for the Section 199A deduction

• Recognize the definition of a “qualified trade or business” under Section 199A

• Recognize those types of professional service businesses falling outside the limitations of non-qualifying businesses

• Identify the scenarios under which limitations to the deduction will apply

• Identify the separate limitation formulas associated with qualified and nonqualified business income

• Recognize basic tax planning considerations involving the Section 199A QBI deduction

• Identify the effect of the Act on an individual’s estate and gift lifetime exemption amount

• Identify the dollar limit on tax-free rental income for certain rentals of individual’s residences

• Select the limitation on the number of days an individual may use a second home as a personal residence in order to avoid the second home being considered to be a vacation home

• Identify the ordering of rental expenses when the deduction of those expenses is limited to rental income

• Calculate the AMT preference associated with the exercise of an incentive stock option

• Recognize the overall relevance of the AMT tax to individual taxpayers under the TCJA

Bottom
Price: 
$199.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Taxes