Individual Tax Workshop - Advanced

Description

Highlights

*  Review of the latest changes and legislative developments affecting individuals

*  M Kiddie Tax, including Form 8615 and Form 8814

*  Depreciation, including bonus depreciation, half-year and mid-quarter conventions, and § 179 additional first-year depreciation

*  Alimony and child support

*  Travel and entertainment expenses

*  Below-market loans

*  Alternative Minimum Tax and identifying individuals likely to be affected by AMT

*  Calculating capital gains and losses, Form 4797, sale of principal residence, reporting like- kind exchanges on Form 8824 and installment sales on Form 6252, as well as basis

*  Filing requirements, including penalties and payments of estimated taxes

*  Itemized deductions, including qualified residence interest, charitable contributions, and miscellaneous itemized deductions

*  Deductibility of losses, including passive activity losses, vacation homes, office in the home, and hobby losses

*  Contributions to and distributions from qualified plans, including IRAs and penalty taxes

*  Self-employment tax problems

*  Review of requirements for filing Form 1099s and penalties related thereto

*  Review of the applicable credits and Nanny Tax.

Objectives

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