2017-2018 Federal Tax Update (Video On Demand)

$419.00

Combining the real-life experience of a practicing CPA/EA 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 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:  16
  • NASBA Field of Study: Taxes
  • Level:  Update
  • Prerequisites: General experience in tax preparation 
  • Advance Preparation: None
  • IRS Course #: BZ8FR-U-00082-17-S
  • IRS Federal TaxUpdate Credits:  16
SKU: 2018FTUFULLVOD Categories: , ,

Course Description

Combining the real-life experience of a practicing CPA/EA 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 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.

Learning Objectives

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

Section 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 the standard deduction and itemized deductions.
  • 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.

Section 2

  • Identify the various rules regarding IRAs Roth IRAs, and other retirement plans, and how these rules are used for retirement and tax planning.
  • Recognize how to advise your client on the qualified rollover rules.
  • Recall whether the minimum distribution requirements are being met for your clients.
  • Identify how to avoid the 10% early withdrawal penalty.
  • Cite recent changes to the tax code and apply them to client situations.
  • Identify passive loss rules, noting the establishment of material participation, passive rental activity, and the disposition of a passive activity.
  • 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.
  • Recognize the rules, eligibility requirements, and applicable tax treatment associated with vacation homes, Airbnb rentals, like-kind exchanges, and delayed or deferred exchanges.
  • Recognize 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.
  • 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 new proposed regulations that could drastically affect the valuation of transfers in closely held entities and cite the impact of the various proposed regulations.
  • Recognize estate, gift, and generation skipping transfer tax rules under the American Taxpayer Relief Act of 2012, identifying current rules, exclusion rates, valuation approaches, and income tax rates.
  • 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 gift taxes and examine items that are exempt or excluded from the gift 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, grantor trusts, and installment sale planning.
  • Identify special tax situations that apply to estates and trusts.

Section 3

  • Cite recent changes in the tax law 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 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.
  • Recognize the rules for depreciation, farms, NOLs, and business credits.
  • Identify the treatment of special tax situations like start-up expenses, trader versus investor, etc.

Section 4

  • Identify key updates with respect to information return late filings and DOL overtime rule changes.
  • Recall current issues affecting corporations, including tax return due dates, issues with corporate tax rates, PEOs, tax credits, reasonable compensation, and corporate inversions.
  • Identify considerations related to self-employment tax in partnerships, corporations, and LLCs.
  • Identify components of the proposal on tax reform.
  • Identify the rules regarding the S corporation election, the determination of basis, and operations of the S corporation.
  • Recall current issues affecting partnerships, including tax return due dates, audit approach, and other issues.
  • Recall current issues affecting corporations, including tax return due dates, issues with corporate tax rates, PEOs, tax credits, reasonable compensation, and corporate inversions.
  • Identify considerations for exempt entities.
  • Identify considerations related to self-employment tax in partnerships, corporations, and LLCs.
  • Cite the current changes in IRS practice and procedures, including preparer penalties, identity theft and phone scams, and procedures for dealing with the IRS.

Prerequisites

General experience in tax preparation.

Program Level

Update

Field of Study

Taxes

Advance Preparation

No advance preparation is required for any of the following courses. 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

16 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.