Tax Planning for Individuals: A Review & Update

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, including the Tax Cuts and Jobs Act of 2017, Secure Act of 2019 and the Extenders Act of 2019
  • 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

 

Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Taxes