2017-2018 Federal Tax Update (PDF)

$419.00

Combining the real-life experience of a practicing CPA with essential down-to-earth tax materials in a high-tech format, this powerful presentation will enable participants to quickly grasp recent tax changes. You’ll receive the most complete and up-to-date reference manual, written by renowned tax experts, Vern Hoven and Sharon Kreider. The digital PDF manual is hyperlinked to the Internal Revenue Code, tax court decisions, and other primary authorities, making it extremely convenient. Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable. Specific course topics will be announced and updated through year-end.

  • Credit Hours:  27
  • NASBA Field of Study: Taxes
  • Level:  Update
  • Prerequisites: General tax preparation experience 
  • Advance Preparation: None
  • IRS Course #: BZ8FR-U-00069-17-S
  • IRS Federal Tax Update Credits:  27
SKU: 2018FTUFULLPDF Categories: ,

Course Description

Combining the real-life experience of a practicing CPA with essential down-to-earth tax materials in a high-tech format, this powerful presentation will enable participants to quickly grasp recent tax changes. You’ll receive the most complete and up-to-date reference manual, written by renowned tax experts, Vern Hoven and Sharon Kreider. The digital PDF manual is hyperlinked to the Internal Revenue Code, tax court decisions, and other primary authorities, making it extremely convenient. Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable. Specific course topics will be announced and updated through year-end.

Highlights include:

  • Updates on the latest individual and business tax reform developments
  • Planning ideas regarding individual and business tax reform
  • Updates on ACA and “Repeal and Replace” developments
  • 20% capital gains tax +3.8% NII tax
  • Mortgage interest deductions cases and rulings
  • Charity audit issues
  • Credit rule changes
  • FBAR and FATCA reporting
  • IRA adjustments
  • Tax issues for online rentals
  • IRS clarification on who is and isn’t a real estate professional
  • Estate and gift thresholds updated
  • Corporate and pass-through entity updates
  • Cures Act implementation
  • Legal marijuana taxation
  • Identity scams hitting employers
  • IRS budget cut and its effects
  • Top 10 most litigated tax issues
  • Employee misclassification issues
  • S corporation basis tracking
  • Corporate reasonable compensation
  • Taxes for the “sharing economy”

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the tax law changes and extensions provided in court cases and in legislation.
  • Recognize important administrative tax issues related to filing status and personal and dependency exemptions.
  • Cite issues related to capital gains and dividends, social security payments, and other gross income items and adjustments to gross income.
  • Identify the tax laws related to gross income, the standard deduction, itemized deductions, and adjustments to gross income.
  • Identify net investment income for the 3.8% Medicare tax.
  • Recognize the requirements and calculations of the alternative minimum tax, the kiddie tax, and various tax credits.
  • Cite the framework and compliance issues required for individuals and businesses by the Affordable Care Act.

Chapter 2

  • Cite the various rules regarding IRAs, Roth IRAs, “myRA,” and other retirement plans, and determine how these rules are used for retirement and tax planning.
  • Identify the consideration inherent in various benefit plans and the taxation issues.
  • Recall the rules and exceptions under the DOL’s fiduciary rule.
  • Recognize how to advise your client on various rules and regulation related to retirement plans such as filing requirements, nondiscrimination, the qualified rollover rules, and other matters impacting retirement plans.
  • Determine whether the minimum distribution requirements are being met for your clients.
  • Identify how to avoid the 10% early withdrawal penalty.

Chapter 3

  • Identify passive loss rules, noting the establishment of material participation, passive rental activity, and the disposition of a passive activity.
  • Identify the regulations and tax issues related to real estate professionals, noting the qualifying requirements for a real estate professional, recharacterization rules, self-rented property, and the difference between a dealer and an investor.
  • Recall the rules, eligibility requirements, and applicable tax treatment associated with vacation homes, Airbnb rentals, like-kind exchanges, and delayed or deferred exchanges.
  • Cite the rules for debt forgiveness and cancellation and their applicable impact to the taxpayer, the tax treatment of gain on the sale of a residence, and the rules associated with reacquiring property after an installment sale.

Chapter 4

  • Identify changes in the law regarding reporting cost basis to beneficiaries, filing Form 8971 and Schedule A and the relating deadlines and penalties which may be applicable.
  • Identify the changes under the Trump administration to the new proposed regulations that could drastically affect the valuation of transfers in closely held entities and cite the impact of the various proposed regulations.
  • Recall the purpose, changes, and timely filing of IRS Form 706, including the portability of unused exemptions, and the calculation of the Deceased Spousal Unused Exemption (DSUE).
  • Recognize relevant rates and limits for various taxes and examine items that are exempt or excluded from the gift and estate tax, gifts in excess of the annual gift amount, the portability election, and GRATs.
  • Cite top estate planning ideas and cutting-edge planning techniques such as Family Limited Partnerships (FLPs), wealth and succession planning, split-dollar insurance, grantor trusts, and installment sale planning.
  • Identify issues related to the application and calculation of the net investment income tax (NIIT).

Chapter 5

  • Cite recent tax developments relating to businesses and identify the hobby rules under §183(b).
  • Recognize general business tax matters, including accounting periods and methods and gross income topics.
  • Identify other trade or business expense rules and changes, including automobile expenses and travel expenses.
  • Identify the office-in-home requirements
  • Recall the final regulations for tangible property, materials and supplies, and repairs versus improvements, and partial dispositions.
  • Recognize the rules for depreciation, farms, NOLs, start-up expensed, domestic production activities deduction, and business credits.
  • Cite the employer mandates under the Affordable Care Act, including the rules for determining full-time employee equivalents.
  • Recognize the penalties for noncompliance with the ACA for large employers and the reporting requirements under the ACA.
  • Note the small business health care tax credit.

Chapter 6

  • Note the various types of tax systems, state the requirements for claiming the foreign earned income exclusion, and recognize the requirements for filing FinCEN Form 114.
  • Identify the filing requirements for Form 8938, the foreign financial institutions reporting requirements, and the voluntary disclosure program.

Chapter 7

  • Identify income subject to self-employment tax and withholding from wages and the effect of various withholding and wages issues.
  • Recognize the difference between an independent contractor and an employee and subsequent reporting requirements and other tax-related issues.

Chapter 8

  • Recall current issues affecting corporations, including corporate inversions.
  • Identify the rules regarding the S corporation election, and the determination of basis.
  • Analyze the rules affecting S corporation operations, including reasonable compensation issues.
  • State the rules affecting C corporations, including reasonable compensation issued, corporate distribution, and corporate redemptions.
  • Cite the rules for qualified small business stock (QSBS) and the current filing requirements for exempt organizations.

Chapter 9

  • Cite recent legislative and judicial changes relating to LLCs and partnerships, including the new partnership audit rules.
  • Identify aspects of partnerships and LLCs and implement related tax plans and programs, including the impact of the self-employment tax.
  • Recall the rules related to basis and loss limitations, and determine how to calculate partnership inside basis and partner outside basis.
  • Identify transactions occurring between partners and the partnership that may give rise to a disguised sale, and other current partnership and LLC issues.

Chapter 10

  • Cite the current changes in IRS practice and procedures, including identity theft and phone scams and procedures for dealing with the IRS.
  • Identify examinations, taxpayer enforcement issues, and other IRS practice and procedure provisions.
  • Identify the innocent spouse relief provisions under §6015

Prerequisites

General experience in tax preparation

Program Level

Update

Field of Study

Taxes

Advance Preparation

None. We simply recommend you save and/or print out the course manual to follow along with during the online course, and to use for future reference. In order to download, click “Course Manual” under Course Menu on the right side of your screen. When the document appears on your screen, go to File, then Save and/or Print. The manual is yours to keep! After saving or printing, simply close the screen to return to your “Course Overview” page.

Instructional Method

QAS Self-Study

CPE Credit Hours

27 Credits

Credit Hours are based, in accordance with the National Association of State Boards of Accountancy’s (NASBA’s) Standards for Continuing Professional Education (CPE) Programs, on a 50-minute hour. Upon successful completion of the exam (70% or higher), you will be presented with a printable Certificate of Completion detailing the Course Name and earned Credit Hours.

Program Registration

Simply click the “Add to Cart” button following the course description and, once you complete the order form, you will be asked to create a username and password good for one year from the date of purchase. You can change your password at any time. You will have one year from date of purchase to review the course(s) you purchase, and take the final exam. Once you pass the exam, you will have completed the course.