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Annual Tax Update: Individuals and Sole Proprietors

Author/Moderator: Charles Borek, Esq. MBA, CPA
Publisher: AICPA
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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!

Topics Discussed:

  • 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

Learning 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.

Prerequisite: Two years of tax experience

Advanced Preparation: None

NASBA Field of Study: Taxes
Level: Update
Recommended CPE Credit: 11
Annual Tax Update: Individuals and Sole Proprietors
Text , 2015
Product# 733708
Availability: In Stock
AICPA Member:$179.00
Your Price:$229.00
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