Intermediate Individual Taxation

Overview

Congress continues to create uncertainty with its frequent legislative changes.

This course will provide clarity to you and your client seeking to keep abreast of tax law changes and the individual and business planning opportunities the American Rescue Plan of 2021, tax court decisions, and IRS guidance on the hottest tax topics affecting individual taxpayers.  This course provides a wealth of tax-planning tips and strategies and addresses key tax return issues to arm you with the latest guidance to better serve your new and existing clients.

Prerequisites

Knowledge of individual income taxation and form 1040 preparation

Designed For

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

Objectives

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

Preparation

None