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2017 Midyear Federal Tax Update (PDF)
Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax materials, this authoritative self-study course provides you with the most recent and up-to-date tax changes. You’ll receive answers to your tax questions in an accessible, easy-to-read manual of the latest federal legislative issues.
- Credit Hours: 27
- NASBA Field of Study: Taxes
- Level: Update
- Prerequisites: Basic understanding of tax preparation
- Advance Preparation: None
- IRS Course # BZ8FR-U-00050-17-S
- IRS Federal Tax Update Credits: 27
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.
Upon successful completion of this course, participants will be able to:
- 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.
- Cite filing and compliance requirements for U.S. persons with foreign income and interests in foreign assets.
- 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.
- Identify the various rules regarding IRAs and Roth IRAs, and how these rules are used for retirement and tax planning.
- Recognize how to advise your client on the qualified rollover rules.
- Determine whether the minimum distribution requirements are being met for your clients.
- Identify how to avoid the 10% early withdrawal penalty.
- 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.
- 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.
- 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 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, 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.
- Recall the small business health care tax credit.
- Identify the different types of business retirement plans, assessing contribution limits, elective deferral limitations, and prohibited transactions.
- Recognize Roth contribution plans, myRA accounts, SEPs, SARSEPs, SIMPLE IRAs, and 401(k) plans, identifying the rules on loans to participants and hardship distribution rules to ensure compliance with tax regulations.
- 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.
- Recall current issues affecting corporations, including tax return due dates, and corporate inversions.
- Identify the rules regarding the S corporation election, the determination of basis, and operations of the S corporation.
- Cite current corporate court cases.
- Recognize the reasonable compensation issues affecting C and S corporations.
- Cite the rules for qualified small business stock (QSBS) and the current filing requirements for exempt organizations.
- Cite recent legislative and judicial changes relating to LLCs and partnerships.
- Identify aspects of partnerships and LLCs and implement related tax plans and programs, including the impact of the self-employment tax.
- Recognize partnership inside basis and partner outside basis and identify transactions occurring between partners and the partnership that may give rise to a disguised sale.
- Recall the new varying interest regulations and other miscellaneous issues affecting partnerships and LLCs.
- Cite the current changes in IRS practice and procedures, including identity theft and phone scams, and procedures for dealing with the IRS.
- Identify the requirements for filing an offer-in compromise, and identify the various penalties the IRS can impose, the abatement procedures, and the statute of limitations.
Identify the innocent spouse relief provisions under §6015.
Vern Hoven Tax Seminars’ programs are focused on maintaining and improving professional competence in individuals who deal with issues regarding tax compliance (tax return preparation and review and IRS examinations, ruling requests and protests) and tax planning (applying tax rules to prospective transactions and understanding the tax implications of unusual or complex transactions; as well as recognizing alternative tax treatments and advising clients on tax saving opportunities).
Courses are designed to update participants about relative changes in tax codes, laws, rulings, decisions, interpretations, and any other important alteration affecting taxation and professionals working within the field of taxation.
In order to get the most out of Vern’s Federal Tax Update courses, you should have a basic understanding of tax preparation.
Program Level & Field of Study
Vern’s courses are all update courses tailored to the CPA, Enrolled Agent, tax lawyer or real estate professional who requires on-going education in the field of taxes. Update courses are geared toward participants with a background in the subject area who desire to keep abreast of current changes and developments within that subject area.
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.
Our QAS Self-Study Course materials will be delivered to you via Vern’s innovative online courses.
CPE Credit Hours
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 & Duration
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.