[WEB] 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

• Identify the significant changes to the Form 1040 for 2021.
• Discuss the latest changes and legislative developments affecting individuals, including the American Rescue Plan Act and the continuing 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 and the forthcoming legislative changes to the §199A deduction. 
• Identify the types of individuals who are subject to the 3.8% Medicare tax and the forthcoming changes to the 3.8% tax on Form 8960. 
• 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 the appropriate 2021 inflation adjustments, including the definition of a luxury auto for 2021. 
• Discuss principal residence issues, including the sale of a principal residence and identifying acquisition debt and home equity debt, including the new rules for qualified principal residence indebtedness and the COD rules. 
• Discuss the rules that apply to vacation homes, the home office deduction, and when commuting expenses are deductible.
• Discuss the IRS guidance on meals provided by a restaurant.
• Discuss deductibility of expenses from a PPP loan and requirements to claim the Employee Retention Credit.  
• Discuss the rules for distributions from retirement plans and IRAs after the FCAA, which are referred to as stretch IRAs, and the new life expectancy tables which are effective in 2022. 
• Discuss the passive activity loss rules, including self-charged interest, as well as the limit on the amount of losses deductible under §461(1) and Form 461.
• Discuss the rules that apply to the calculation of depreciation, including bonus depreciation, luxury automobiles, half-year and mid-quarter conventions, §179 additional first-year depreciation, and qualified improvement property.
• Explain the options for QIP which was placed in service in 2018 and 2019.