Description

Congress continues to create uncertainty with its frequent legislative changes. Stay up to date with the tax law changes and the planning opportunities they provide for individuals and businesses.

Gather a wealth of tax-planning tips and strategies, and learn about key tax return issues so you have the latest guidance to better serve your clients.

Explore in-depth the effects of the latest tax legislation, including SECURE 2.0, and IRS guidance on the hottest tax topics affecting individual taxpayers.

Key Topics

- 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

Learning Outcomes

- Determine the various items that should be included or excluded in an individual's gross income and their proper tax treatment.

- Identify the specific rules that apply under the "passive activity" rules.

- 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.

- Identify the rules for depreciation and amortization deductions.

- Differentiate between capital and ordinary income treatment on property transactions.

- Identify tax consequences for self-employed retirement plans and IRAs.

- Gather the information required to include the claim for a tax credit on an individual income tax return.

- Calculate the qualified business income deduction.

Who Will Benefit

CPAs working with clients or employers requiring up-to-date expertise in individual income taxation for the current tax season

Instructor: William Harden

Target Audience

CPAs working with clients or employers requiring uptodate expertise in individual income taxation for the current tax season

Course Objectives

Determine the various items that should be included or excluded in an individual's gross income and their proper tax treatment.

Identify the specific rules that apply under the "passive activity" rules.

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.

Identify the rules for depreciation and amortization deductions.

Differentiate between capital and ordinary income treatment on property transactions.

Identify tax consequences for selfemployed retirement plans and IRAs.

Gather the information required to include the claim for a tax credit on an individual income tax return.

Calculate the qualified business income deduction.

Subjects

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

Prerequisites

Experience in individual taxation and Form 1040 preparation