Tax Staff Essentials - Individual Taxation Bundle

Overview

Practitioners can build tax planning skills to better serve their individual clients year-round.

Highlights

Key Topics

• Standard and itemized deductions
• Tax credits
• Roth IRA, IRA, and retirement plan options
• SECURE and SECURE 2.0 changes to retirement plan distributions
• Section 199A qualified business income deduction
• Gains and losses on property transactions
• Hobby losses
• Depreciation and amortization

Prerequisites

Working knowledge of individual income taxation and Form 1040 preparation

Designed For

Who Will Benefit

CPAs working with individual tax clients

Objectives

Learning Outcomes

• Identify which dividends are taxable.
• Identify individual retirement account (IRA) and qualified plan distributions.
• Recall the general rules of the self-employed health insurance deduction.
• Recall the steps to figuring the qualified business income deduction under Section 199A.
• Recall the net investment income tax (NIIT) on unearned income.
• Determine whether an activity is passive or active.
• Identify the rules for amortizing and expensing start-up costs, intangible assets, and research and experimentation expenditures.
• Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.