The Tax Cuts and Jobs Act, passed by Congress and signed by President Trump, was the biggest overhaul of the Internal Revenue Code since 1986. The Act created a lot of uncertainty and a new appreciation for the complexity of our tax system for individual taxpayers accustomed to income tax refunds. This comprehensive course provides the technical knowledge tax professionals need to service their individual and business tax clients. Learn how to apply the latest changes when preparing federal income tax returns, and advise clients on new developments and tax-saving ideas for individuals. The video portion includes insight from nationally recognized tax experts. Reinforce your understanding of frequently used principles, and receive a wealth of tax-planning tips and strategies. Make sure you are armed with the latest tax reform and legislative guidance to better serve your clients in the constantly changing landscape of Individual Income Taxation.
Learning Objectives
When you complete this course you will be able to: • Apply the latest changes when preparing federal individual income tax returns.
• Recall how to advise individual clients on new developments and taxsaving ideas
Major Topics
• New tax developments
• Dividends, interest, and planning opportunities
• Compensation issues, deferred plans, fringe benefits
• Distributions from IRA’s and other qualified plans
• Gross income exclusions
• Passive losses
• Vacation homes, home offices, bad debts
• Travel and entertainment
• Depreciation and amortization
• Gain and loss recognition and basis rules
• Property transactions—capital vs ordinary income
• HSA’s, self-employed health insurance and other adjustments to income
• Alternative minimum tax
• Tax credits and estimated taxes
• Continuing impact of the Affordable Care Act on individual taxpayers
