[WEB] Individual Tax Workshop

Description

Participants will review the rules, regulations, and forms required for the filing of the individual income tax return. This one-day program will use the Form 1040 to highlight commonly encountered problems.

Objectives

• Discuss the latest changes and legislative developments affecting individuals, including the treatment of crypto assets and NFTs.
• Discuss the planning ideas that are available for maximizing the deduction under §199A for qualified business income from a qualified trade or business or a specific service trade or business.
• Identify individuals likely to be affected by the AMT and calculate the MTC carryforward.
• Discuss common self-employment tax problems, including SE tax for LLC/LLP members and CCA 202151005.
• Discuss the principal residence issues, including the sale of a principal residence with a home office deduction or an Airbnb and identifying acquisition debt and home equity debt.
• Discuss the rules that apply to vacation homes, including the six possibilities that might apply and using the Bolton method for allocating interest and taxes.
• Explain the like-kind exchange rules, using settlement sheets to fill out Form 8824, and calculating depreciation of the replacement property.
• Determine the deductibility of travel and entertainment expenses and qualified transportation fringe benefits.
• Describe the tax effect of contributions to and distributions from qualified plans, including IRAs and penalty taxes.
• Explain the installment sale rules using a Form 6252 and calculating the gain on the repossession of real property under §1038.
• Discuss the basic requirements of filing a Form 3115 and the difference between a change in method of accounting (or the treatment of a material item) and an error or mistake.
• Describe the rules that apply in determining whether an expenditure is a deductible repair or a capital expense using the BARI rule.