Individual Tax Workshop - Advanced

Description

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.

Objectives

• Discuss the latest changes and legislative developments affecting individuals
• Calculate the Kiddie Tax and complete Form 8615 and Form 8814
• Calculate depreciation, including bonus depreciation, half-year and mid-quarter conventions, and §179 additional first-year depreciation
• Determine the proper tax treatment of payments for alimony and child support
• Determine the deductibility of travel and entertainment expenses
• Calculate the deduction under §199A for qualified business income
• Calculate alternative minimum tax and identify individuals likely to be affected by AMT
• Discuss capital gains and losses, sale of business property and Form 4797, sale of principal residence, like-kind exchanges and Form 8824, installment sales and Form 6252, basis
• Describe filing requirements, including penalties and payments of estimated tax
• Calculate itemized deductions, including qualified residence interest, qualified housing interest, charitable contributions, and miscellaneous itemized deductions
• Explain the deductibility of losses, including passive activity losses, vacation homes, office in the home, and hobby losses
• Describe the tax effect of contributions to and distributions from qualified plans, including IRAs and penalty taxes
• Determine if income is subject to self-employment tax
• Describe the requirements for filing Form 1099s and penalties for noncompliance
• Calculate common refundable/nonrefundable credits including Nanny Tax (Schedule H)