Self-Study

Annual Tax Update: Individuals and Sole Proprietors

  • Tuesday, May 1, 2018 – Thursday, April 30, 2020

  • 11.5
    CREDITS
    Taxes

Get ready for the upcoming tax season! This comprehensive CPE course presents what's new and what has changed in the federal individual income tax arena. It brings you up-to-the-minute guidance on the latest tax legislation, court decisions and IRS pronouncements. Gain practical insights and valuable tax-saving strategies from AICPA's seasoned tax professionals who know what the new laws, rules, and court rulings can mean for real-world taxpayers. With the ever changing tax laws and their increased complexity, you can't afford to miss this course!

Objectives

  • Identify those provisions subject to extender legislation.
  • Recall the definition of "damages" for purpose of the physical injury exclusion.
  • Identify the requirements for tip reporting.
  • Recognize the requirements for a tax home to establish travel expenses.
  • Distinguish deductible alimony from non-deductible child support.
  • Identify the substantiation requirements for charitable contributions.
  • Identify the nine criteria used to evaluate hobby loss deductions.
  • Recognize the requirements for substantiation of business deductions.
  • Distinguish state law from Subchapter K characterizations of recourse debt.
  • Recognize the effect of community property law on S corporation stock ownership.
  • Determine when an investment constitutes a partnership for tax purposes.
  • Distinguish how the passive activity loss rules apply to real estate professionals.
  • Determine the impact of intent on characterization of gain as capital or ordinary.
  • Identify the annual inflation adjustments for various items.
  • Identify situations in which the health coverage tax credit is applicable.
  • Recognize the new reporting requirements for education credits.
  • Determine the credit for nonbusiness energy property.
  • Identify the significance of the Supreme Court's King v. Burwell decision.
  • Recognize the basis consistency rule for inherited property.

Highlights

  • Latest tax legislation, court rulings, and IRS pronouncements related to individuals and sole proprietors
  • Practical return preparation tips
  • Latest developments for pass-through entities that affect Schedule C and Schedule E
  • Tax-saving ideas
  • Unique insights into new planning strategies
  • Latest IRS rulings impacting individuals
  • DOMA, same sex marriage, and its impact on taxes
  • Latest developments on estates, gifts, and trusts
  • Depreciation and amortization

Additional Information

Designed For

Tax practitioners in public practice and industry that need to stay on top of the latest changes in federal tax law for individuals and sole proprietors

Vendor

American Institute of CPAs

Field of Study

Taxes

Course Number

18AIS0006

Level of Knowledge

Update

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