Description

Tax tips and tax strategies to help your new and existing individual clients.

Target Audience

- CPAs working with clients or employers requiring up-to-date expertise in individual income taxation

Course Objectives

'- Determine whether an activity is passive or active.

- Determine the allowable deductions for vacation homes.

- Recognize how material participation affects the taxation of an activity.

- Determine the amounts allowable for deducting travel and transportation expenses.

- Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.

- Identify the rules for amortizing and expensing start-up costs, intangible assets, and research and experimentation expenditures.

- Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.

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

Working knowledge of individual income taxation and Form 1040 preparation