[WEB] Selected Topics in Individual Tax

Description

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

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, including the Inflation Reduction Act and the CAA of 2023, and the continuing impact of the TCJA, including the treatment of digital assets.
• Identify common problems encountered in marital dissolutions, including dependency exemption, child support, sale of residence, and transfer of a retirement plan interest.
• 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. M Discuss common self-employment tax problems, including SE tax for LLC/LLP members and CCA 202151005.
• Discuss principal residence issues, including the sale of a principal residence with a home office or an Airbnb and identifying acquisition debt and home equity debt.
• Discuss the rules that apply to vacation homes,home office, and commuting expenses.
• 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 after the Inflation Reduction Act.
• 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, §179 additional first-year depreciation, and qualified improvement property.
• Discuss the installment sale rules and repossession of property sold for an installment note.