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General tax preparation experience.

Course Description

With individual returns as its focus, this comprehensive course covers topics like real estate and passive losses, IRAs and pensions, and gift and estate issues. Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax materials and 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, 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 while using real-life experiences to make complicated tax topics easily understandable.  Specific course topics will be updated through year-end as necessary.

With individual returns as its focus, this comprehensive course highlights the following topics:

Individual changes: 

  • New tax provisions included in the FAST Act again allow tax collection by private contractors (Dog the Bounty Hunter is back)!
  • New Bipartisan Budget Act repeals the 'file and suspend” option when claiming Social Security benefits. 
  • New PATH Act extends into 2016, or makes permanent, 55 different tax provisions.
  • New Trade Package requires additional reporting in 2016 before claiming the education or child tax credits.
  • Divorced couples are facing IRS push-backs when deducting alimony or claiming dependency deductions.
  • Mortgage interest reporting on Form 1098 changes for 2016.
  • ACA's individual nandate and premium assistance credits continues to develop.
  • Non-cash contributions are audit targets.
  • IRS continues to hunt for unreported foreign assets.
  • IRS audit issues on individual returns.
Individual retirement:

  • Self-directed IRAs require additional reporting for 'hard-to-value” assets.
  • Prohibited transactions involving IRAs costs taxpayers bankruptcy protection.
  • IRS allows 'self-certification' of reasonable cause for a missed 60-day rollover.
  • Indirect IRA rollovers allowed once per year rule not straightforward.
  • 50% tax penalty imposed when RMD rules are ignored, even unintentionally, unless relief is properly requested.
Real estate changes:
  • IRS continues to aggressively audit real estate professionals. 
  • The most successful defenses and planning opportunities.
  • Airbnb causes unexpected tax problems because of Form 1099-Rental.
  • Section 1031 like-kind exchange rules must be properly followed.
  • Newest real estate dealer or investor cases discussed.
  • Cancellation of debt relief on foreclosures of principal residences extended through 2016.
Estate/Gift taxation: 
  • New Form 8971, with new regulations and instructions, requires executors to report beneficiary's new basis timely.
  • Portability election for the surviving spouse must be timely made!
  • IRS acknowledges guidance needed to determine if trusts materially participate in order to comply with the 3.8% net investment income tax. 
  • Estate and trust administrators can be personally liable for unpaid estate taxes. Avoid this disaster!
  • New §2704 regulations hit valuation discounts.

Course Specifics

General tax preparation experience.

Compliance Information

IRS Provider #: 0MYXB IRS Course ID: 0MYXB-U-00963-16-I
CTEC Provider #: 2071 CTEC Course ID: 2071-CE-0935 Qualifies for CA Fraud: No

Learning Objectives

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

  • Understand federal changes and new rulings in individual tax issues.
  • Accurately file returns for individual taxpayers.
  • Advise clients on the new Bipartisan Budget Act 'file and suspend' Social Security options.
  • Cite the latest reporting and withholding FBAR and FATCA strategies to your clients.
  • Understand and apply the various IRA and Roth IRA rules in order to properly utilize these vehicles for retirement and tax planning.
  • Identify tax issues related to real estate and investment property and appropriately apply these regulations.
  • Identify top estate planning ideas and cutting edge planning techniques such as family limited partnerships, wealth and succession planning, grantor trusts, and installment sale planning.
  • Apply the many other individual tax changes that are applicable for 2016 returns.

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