CPE Self-Study

Hottest Tax Topics for 2016

Publisher: AICPA
  • $149.00-$189.00
    Hottest Tax Topics for 2016 In Stock Product #: 733870
    AICPA Member: $149.00
    Non-Member: $189.00
  • $99.00-$129.00
    Hottest Tax Topics for 2016 Online Access Product #: 163732
    AICPA Member: $99.00
    Non-Member: $129.00
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    Product #: GT-HOT

Some things you can count on are important new tax developments and economic, social, and demographic trends that turn out to have important tax implications. This CPE course highlights the hottest tax topics—those that can change every year and affect many of your clients. In this course, you'll learn how to better advise your clients by offering them the latest tax saving strategies.

Learning Objectives

This course will prepare you to:

  • Determine new reporting requirements for inherited property
  • Identify which tax credits for individuals have increased for 2015 and which have not
  • Recognize standard deduction amounts for 2015.
  • Determine the applicable dollar limits on contributions to health savings accounts for 2015
  • Identify the changes in Social Security and Medicare taxes for 2015
  • Determine which types of compensation are tax free
  • Analyze when capital gains are taxable or excludable and when losses are not deductible for the sale of a principal residence
  • Identify prohibited IRA transactions
  • List the requirements for deductible alimony
  • Determine which type of property transfers incident to divorce are tax free
  • Compute the mortgage interest deduction limit for unmarried co-owners
  • Identify how to properly report state income taxes related to business income
  • Identify the rules for charitable contribution deductions by individuals
  • Apply the correct overvaluation penalty amount for inflated deductions for conservation easements
  • Choose which type of innocent spouse relief can be used for a requesting spouse
  • Determine eligibility for the premium tax credit
  • Identify who is eligible for the refundable American opportunity credit
  • Distinguish between a real estate business that holds properties for sale in the ordinary course of business and one holding properties for investment purposes
  • Identify "extraordinary items" under the varying interest rule for partnerships experiencing a change in interests during the year
  • Determine eligibility to use the remodel-refresh safe harbor under the repair regulations
  • Determine applicability of the final regulations on the $1 million cap for compensation
  • Determine the IRS fee when filing delinquent forms 5500-EZ under a penalty relief program
  • Recognize rules for deducting net operating losses
  • Identify tax deductible expenditures incurred by medical marijuana dispensaries
  • Identify the conditions under which internal software development costs qualify for the research credit
  • Determine who is a member of a targeted group for purposes of the work opportunity credit
  • Select the changes that have been made to the work opportunity credit
  • Determine whether a business qualifies for the small employer health insurance credit
  • Differentiate between the correct IRS interest rates applied to overpayments and underpayments in 2015
  • Determine eligible mailing options for the timely-mailed timely-filed rule
  • Recognize the safe harbor established for corrective deferral methods related to the Employer Plan Compliance Resolution System
  • Identify audit technique guides issued in 2015

Key Topics

  • Key legislation and inflation adjustments
  • Income and exclusions for individuals
  • Adjustments to gross income
  • Determine the permissible ways to make MyRA contributions
  • Itemized deductions
  • Tax calculations and tax credits for individuals
  • Income for businesses and changes in accounting method
  • Deductions for businesses
  • Tax credits for businesses
  • Tax compliance matters and dealing with the IRS

System Requirements

About the Publisher


About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

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