AICPA's Annual Federal Tax Update
Stay up-to-date on the latest tax developments! This comprehensive CPE course covers all legislative, judicial, and IRS developments of the past year with an emphasis on implementation and compliance. Determine how to effectively and confidently complete tax-planning and compliance engagements. Apply current developments affecting individuals (including those regarding income, deductions and losses, tax calculations, individual credits, filing matters), business entities (including those regarding S Corporations and their shareholders, C Corporations, partnerships), estates and trusts, retirement plans, and more.
Legislative developments, regulations issued, and recent IRS rulings and guidance for the following:
- IRS rulings, procedures and notices for the last year
- Court cases settled in the last year that provide tax return guidance
- IRS administrative issues, compliance, and new forms
- Individual Income, Deductions, and Business Activities
- Pass-Through Entities and Passive Activities
- Depreciation and Amortization
- Retirement Plans and Fringe Benefits
- Corporate Income, Deduction, Gains, and Losses
- Accounting Methods and Periods
- Estates, Gifts, and Trusts
- Recognize the requirements for establishing an ABLE account.
- Identify the limitations related to contributions to an ABLE account.
- 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 extender legislation with respect to business activities.
- Identify the nine criteria used to evaluate hobby loss deductions.
- Recognize the requirements for substantiation of business deductions.
- Identify the requirements for the bad debt deduction.
- Identify the new tax filing deadlines related to partnerships.
- 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.
- Identify interests in real property that may be subject to 15-year cost recovery.
- Calculate the corporate additional minimum tax credits in lieu of bonus depreciation.
- Recognize the requirements for first-year bonus depreciation.
- Identify the criteria for depreciating metals used in manufacturing.
- Calculate the number of full-time equivalent employees for purposes of the employer mandate when veterans are employed.
- Identify a qualified longevity annuity contract.
- Recognize the exemption from the contraceptive mandate under the Affordable Care Act.
- Determine the taxability of an HRA funded by sick leave.
- Identify nonqualified deferred compensation for purposes of Section 409A.
- Recognize the limitations on avoiding corporate gain through the use of partnerships.
- Differentiate intangible property that may or may not be subject to tax-free exchange.
- Determine the NOL reduction related to COD income of a consolidated group.
- Recognize the restriction on deductions for the sale of controlled substances.
- Identify the required accounting treatment for nonperiodic payments under notional principal contracts.
- Distinguish “ratable service contracts” with respect to the economic performance rules.
- Recognize when a Section 754 election results in an accounting method change.
- Recognize the role of share-based compensation for purposes of cost sharing arrangements.
- Recognize the basis consistency rule for inherited property.
- Determine the criteria for deducting bundled fiduciary fees.
- Recognize when the IRS will issue an estate tax closing letter.
- Distinguish restrictions that will prevent a gift from being a present interest.
- Calculate the new information return penalties.
- Identify the refund claim procedures under the final regulations.
- Identify those private delivery services that are acceptable to the IRS.
- Indicate the status of taxpayer compliance as reported by the IRS.
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