[WEB] Individual Tax Workshop - Advanced

Course Details

Date

Wednesday, December 9 – Thursday, December 10, 2020

8:30am – 4:00pm
(Registration: 8:00am)

Course Number

ITWA

CPE Credit

16.0 hours CPE credit

Instructor

Level of Knowledge

Intermediate/Advance

Vendor

Accountant's Education Services (AES)

Prerequisites

Experience in individual taxation

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)

Course Pricing

Early Registration Member Fee

Applicable if you are a HSCPA member in good standing and register by December 1, 2020.

$440.00
Member Fee

Applicable if you are a HSCPA member in good standing.

$490.00
Early Registration Non-Member Fee

Applicable if you are not a HSCPA and register by December 1, 2020.

$590.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$640.00
Your Price $590.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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