Description
VIRTUAL WEBINAR
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, as well as Rev. Proc. 2020-25 and Rev. Proc. 2020-50 for filing an amended return to take bonus depreciation and DCN 244 and DCN 245 for using Form 3115 to claim bonus depreciation in 2020
- Discuss the treatment of expenses paid from the PPP loan that has either been or is expected to be forgiven (see Rev. Rul 2020-27 and Rev. Proc. 2020-51) and how to treat the expenses paid in 2020 on a Schedule C or a Schedule F where the owner has received a PPP loan
- 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, charitable contributions, and miscellaneous itemized deductions, including work impairment expenses
- 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 when a Form 1099-NEC is required to be issued when payments are made for services associated with rental property listed on Schedule E
- Calculate common refundable/nonrefundable credits including Nanny Tax (Schedule H)
