[KAUAI] Selected Topics in Individual Tax

Description

Participants will review the rules, cases, and regulations that apply to common problems involved in preparing an individual income tax return. Specific areas will be explored in depth.

Objectives

After completing this course the participant will be able to:

Discuss the latest changes and legislative developments affecting individuals and the impact of the Tax Cuts and Jobs Act.

Identify common alimony problems, including dependency exemption, indirect alimony, child support, and sale of residence.

Calculate the deduction for qualified business income under §199A. M  Identify the types of individuals who are subject to the 3.8% Medicare tax.

Calculate the Kiddie Tax and differentiate between filing Form 8615 and Form 8814.

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.

Discuss principal residence issues, including the sale of a principal residence and identifying acquisition debt and home equity debt.

Discuss the rules that apply to vacation homes, the home office deduction, and when commuting expenses are deductible.

Explain the like-kind exchange rules, using settlement sheets to fill out Form 8824, and calculating depreciation of the replacement property.

Discuss the rules for distributions from retirement plans and IRAs.

Discuss the passive activity loss rules, including self-charged interest.

Discuss the rules that apply to the calculation of depreciation, including bonus depreciation, luxury automobiles, half-year and mid-quarter conventions, and §179 additional first-year depreciation.