CPE Self-Study

Hottest Tax Topics for 2017

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    Non-Member: $189.00
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    AICPA Member: $99.00
    Non-Member: $129.00
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Learn how to better advise your clients on tax developments and economic, social, and demographic trends, a few areas you can count on to change yearly and have important tax implications. This CPE course will highlight these hot tax topics and provide you with the latest tax saving strategies.

Learning Objectives

When you complete this course, you will be able to do the following:

  • Identify how to advise clients on recent tax law changes, tax developments, and tax issues affected by societal and economic trends.
  • Recognize new tax planning opportunities as a result of the latest tax law legislation.
  • Determine whether the value of identity protection services provided to an individual taxpayer must be included in gross income.
  • Calculate the amount of employer reimbursement for health coverage under a spouse's plan that is taxable to an employee.
  • Differentiate among the tax consequences to an individual taxpayer of various types of Cancellation of Debt (COD) events.
  • Apply the key tests that must be met for a taxpayer to qualify as a real estate professional.
  • Use the preferential tax treatment available to individual taxpayers to exclude gain from sale of a principal residence or gain on sale of Qualified Small Business Stock.
  • Select the most advantageous education tax benefit for an individual taxpayer.
  • Compare and contrast Section 529 plans and CESA (Coverdale Education IRAs) accounts.
  • Calculate the home mortgage debt limit for purposes of interest deductibility for two or more unmarried taxpayers who co-own a residence.
  • Determine whether an individual taxpayer is eligible for the Premium Tax Credit.
  • Use the proper method for implementing a Change in Accounting Method associated with a taxpayer's transition to the Tangible Property Regulations.
  • Identify an opportunity to claim Bonus Depreciation on Qualified Improvement Property (QIP).
  • Determine whether a client with gross receipts from "qualified production activities" should take the Domestic Production Activities Deduction.
  • Choose the correct tax treatment for fringe benefits granted to partners and S corporation shareholders.
  • Analyze educational assistance provided to employees to determine whether it qualifies as a working condition fringe benefit.
  • Identify the most significant changes to the partnership audit rules that will take effect for partnership tax years that begin after December 31, 2017.
  • Apply the new regulations regarding disguised sales and bottom-dollar guarantees to partnership tax situations.
  • Differentiate among the various ways in which LLC owners may be subject to self-employment taxes.
  • Select a combination of tax-advantaged savings plans that accomplish wealth creation goals.
  • Choose a retirement plan that best suits your business and retirement needs.
  • Apply rules for carryover of tax attributes to a taxpayer's final income tax return for the year of death.
  • Identify the changes to basis consistency rules that were included in the Highway Bill of 2015.
  • Determine whether a valuation discount is affected by the proposed regulations issued in August 2016 under IRC Section 2704.
  • Identify which refundable credits require a tax preparer to adhere to due diligence requirements under IRC §6695(g).
  • Recognize the factors differentiating a hobby from a for-profit business and the tax ramifications of hobby losses.
  • Apply IRS substantiation requirements to various types of deductions, credits, or other tax positions.

Key Topics

  • 2017 Tax Trends
  • Recent tax court decisions and developments
  • Update on home ownership tax issues
  • Education credits and planning
  • Income exclusions
  • Continuing effects of the PATH Act of 2015
  • Update on tangible property regulations
  • Valuation Discounts
  • IRS debt collection agencies
  • Identitiy Protection Services
  • Cancellation of Debt
  • Affordable Care Act — repeal or replace?
  • Individual Retirement Accounts (IRA), 401(k) plans, Health Savings Accounts
  • Due diligience update
  • Hobby losses
  • Refundable credits

System Requirements

About the Authors

Margaret F. Suralik, CPA/ABV, ASA

Sheboygan, Wisconsin

Margaret Suralik is a CPA with over 30 years experience working with business and individual clients. She has served as an officer and board member for nonprofit organizations and professional associations. In additional to her professional experience, Margaret has taught undergraduate and graduate level courses in accounting and finance at Marquette University and the London School of Economics.

Margaret holds a B.S. in Accounting from Rutgers University, a MSc in Accounting & Finance from the London School of Economics and a MS in Taxation from Seton Hall University.

About the Publisher


About the AICPA
The American Institute of CPAs (AICPA) 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.