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Self-Study — Course Detail

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2012 Quick & Easy Tax Update: Individual & Employee Returns
Vern Hoven
Copyright© 2012

Course: 8122389   Version 1207

NASBA Category:     Taxes     CPE Credits 7
CTEC Credits: 7 Federal / California
Level: Update  (136 pages)
Prerequisite: General tax preparation experience.
Advance Preparation: None.
IRS Program Nbr: 0MYXB-U-00201-12-S





Course Description

This course is a convenient update for those preparing individual and employee returns this year. The course summarizes all relevant tax legislation, cases, and regulations; examines the resulting impact; and discusses strategic tax planning opportunities.  New for this year is a discussion of the Supreme Court decision on the health care bill, including what it means to health coverage of older children.

 
You’ll also learn everything you need to know about:

• The Patient Protection & Affordable Care Act
• Filing status rules
• Exemptions and dependents
• Capital gains and dividends
• Social Security (FICA) payments
• Additional Medicare tax on wages and unearned income
• Foreign income rules
• Adjustments to gross income
• Higher education expenses
• Alimony and divorce
• Standard deduction and itemized deductions
• Medical and dental expenses
• Standard mileage rates
• Charitable contributions
• Adoption credits and assistance
• The provisions of other various tax credits
• W-2 reporting of employer-sponsored health coverage and the 3.8% Medicare tax
• Filing same-sex couple returns
• New stock basis reporting; mortgage interest limits tested by the IRS auditors


*Please note: The content in this course is also covered in the 2012 Federal Tax Update.

 

Western CPE has been approved by the California Tax Education Council to offer 2012 Quick & Easy Tax Update: Individual & Employee Returns (2071-CE-0221), which provides 7 hours of federal credit and 0 hours of state credit towards the annual “continuing education” requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
  • Advise clients regarding expiring and new provisions, as well as changes to the 2012 Form 1040.
  • Explain how community property rules impact registered domestic partners returns.
  • Properly apply the changes resulting from the new health bill.
  • Determine the applicability of the additional Medicare tax for high income taxpayers beginning in 2013 and the 1099 B basis reporting requirements beginning in 2011.
  • Explain the expansion of foreign bank account and asset reporting rules.
  • Properly compute AMT for 2012.
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