CPE Self-Study

Intermediate Individual Taxation - Tax Staff Essentials

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    Intermediate Individual Taxation - Tax Staff Essentials Availability : Online Access Product #: 158282
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    Non-Member: $249.00
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Save when you buy the complete Tax Staff Essentials, Level 2 online bundle.

Do you need to reinforce your understanding of frequently used tax principles? Updated for Tax Reform, this fast-paced CPE 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 clients. Get practical insights from nationally recognized tax experts, as well as coverage of the latest tax legislation, tax court rulings, and IRS guidance.

Learning Objectives

  • Identify 2017's key inflation-indexed figures.
  • Determine the proper reporting of tip income, employee stock options, nonqualified deferredcomensation, fringe benefits.
  • Identify the characteristics of a hobby loss.
  • Determine whether an activity is a passive activity.
  • Recognize the tax implications of having rental real estate classified as an active or passiveactivity.
  • Recognize how material participation impacts the taxation of an activity.
  • Determine the proper tax treatment upon the disposal of a passive activity.
  • Determine the proper tax treatment for fringe benefits, retirement plan distributions, andforeign earned income.
  • Identify the rules for depreciation and amortization deductions.
  • Calculate gains and losses from property transactions.
  • Identify applicable tax rate on gains from property transactions.
  • Determine the proper tax treatment for losses on stock sales.
  • Distinguish between different recapture provisions.
  • Determine when IRC Section 1244 applies to a transaction.
  • Differentiate between stock traders and investors.
  • Recognize when the provisions under IRC Section 1202 apply to a transaction.
  • Recognize when the like-kind exchange rules apply to a transaction.
  • Recall the rules applying to involuntary conversions.
  • Recall rules regarding the rollover of gains on nonpublic C corporation stock to an employeestock option plan.
  • Determine the proper tax treatment for transfers of property between spouses who aredivorcing.
  • Determine whether the gains relating to the sale of a principal residence are taxable.
  • Identify the various types of retirement plans available to self-employed individuals.
  • Calculate the contributions allowed to self-employed retirement plans
  • Calculate allowable IRA contributions.
  • Identify the exemptions for penalties for early withdrawals from IRAs.
  • Calculate self-employment tax, alternative minimum tax, net operating losses, net operatingloss, carrybacks, and carryforwards.
  • Calculate adoption credit, earned income credit, saver's credit, and residential energy credit.

Key Topics

  • Summary of major individual tax developments
  • Gross income: compensation issues and nontaxable employee fringe benefits
  • Fringe benefits, retirement plan distributions, earned income exclusion
  • Business and rental transactions: hobby losses and passive losses
  • Depreciation and amortization
  • Property transactions gains and losses
  • Property transactions: capital versus ordinary income
  • Property transactions: nonrecognition provisions
  • Adjustments to income: self-employed retirement plans and IRAs
  • Tax computations
  • Tax credits

Who Will Benefit?

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


Tax Section Members Receive Additional Savings!

The section/credential discount will be automatically applied during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or service@aicpa.org.

Find out more information on the Tax Section.

System Requirements

About the Authors

Wendy E. Kravit, CPA

Wendy Kravit, CPA, MBA started her career working for the Internal Revenue Service as a Revenue Agent. After spending a few years with the government, she left the Service and joined the faculty of Northern Illinois University where she taught federal taxation in both the undergraduate and graduate programs. She also operated a sole proprietorship in Northern Illinois where she specialized in tax and representation before the IRS. She sold her practice in Illinois and moved to Maryland in 2004 where she continues to teach and consult.

Ms. Kravit had been an active member of the Illinois CPA Society where she served on the Tax Executive Committee for many years. She was a steady member of the task force and occasionally the Chairman for the Annual Illinois CPA Society Federal Tax Conference. She has reviewed textbooks for publishers and she has written tax articles for various publications including the Tax Advisor.

Currently, Ms. Kravit is a former member of the AICPA's IRS Practice and Procedures Committee. Wendy is author of several continuing education tax courses for the AICPA.

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 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 specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.