Self-Study
23
Overview
Taxes
There are no prerequisites.

Course Description

Designed to make the practitioner comfortable with 'high traffic' issues, The 1040 Workshop examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.



Instructor

Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.



Course Specifics

Taxes
Mar 6, 2017
There are no prerequisites.
SS8152182
501
None


Compliance Information

103220
IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-T-00826-15-S
IRS Federal Tax Law Credits: 23
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-0819
CTEC Federal Tax Law Credits: 23
Qualifies for CA Fraud: No


Learning Objectives

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

Chapter 1

  • Identify federal revenue tax sources, noting the definitive role of gross income
  • Determine a client's tax liability using current rates, tables, and statutory amounts, noting applicable withholding and/or estimated tax responsibility
  • Specify the filing requirements of various filing statuses, noting advantages and disadvantages of each
  • Recognize what constitutes gross income under §61, noting the tax treatment of compensation, fringe benefits, rental income, social security benefits, alimony, prizes and awards, dividends and distributions, debt discharge, bartering, and recoveries
  • Note the defining characteristics of income earned by children as well as the application, threshold, and impact of the 'Kiddie' tax
  • Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance, personal injury awards, interest on state and local obligations, and the foreign earned income exclusion
  • Note the three categories of deductions that must be calculated after gross income, including the requirements for trade or business deductions under §162, nonbusiness deductions related to investments and the production of nonbusiness income (§212), and personal deductions specifically provided for by the Code
  • Recognize the various types of tax credits that are available for dependents, earned income, adoption, education, military, and clergy, noting eligibility requirements and legislative changes

Chapter 2

  • Recognize the tax treatment of rental property expenses, noting their impact on landlords and tenants taking into consideration the tax differences given to rent, advance payments, and security deposits
  • Note the requirements and tax treatment for self-employed health insurance costs, hobby losses, self-employment taxes, home office deductions as well as available business and investment credits
  • Recognize the deductibility of travel and entertainment expenses, noting eligibility requirements, tax home determination, applicable business purposes, limitations, and substantiation requirements associated with gifts, employee rewards, and sales incentive awards
  • Identify the requirements for accountable plans and nonaccountable plans, noting the differences between each
  • Note what constitutes local transportation and commuting including how nondeductible personal commuting relates to local business transportation expenses
  • Identify the apportionment of automobile expenses between personal and business use, noting the actual cost and standard mileage method calculations as well as the impact of the gas guzzler tax
  • Specify the various types of excluded fringe benefits that can increase employers' deductions and incentive-based compensation of employees, noting applicable examples of each
  • Recognize various methods of accounting, noting available accounting periods and their impact on income and expenses
  • Identify expenses that qualify for §179 treatment, requirements for depreciation and cost recovery under §167 and §168, and costs that benefit from amortization

Chapter 3

  • Specify the tax consequences on the sale of easements, noting the holding period and basis of inherited property
  • Identify the application elements of the §121 home sale exclusion, noting associated safe harbor regulations
  • Recognize the importance of the installment method as well as §453 basic terminology and requirements
  • Identify the variables that determine which §1038 rules apply, noting distinctions among the rules, calculations, and effects of repossessions of personal property and repossessions of real property, and recognize when a bad debt deduction may be taken on a repossession
  • Specify the tax treatment of a §1033 involuntary conversion, noting related terminology, gains or losses from condemnations, related-party rules, reporting requirements, and whether clients can postpone gain on condemned, damaged, destroyed, or stolen property
  • Recognize the scope of the §465 at-risk rules and their effect on property depreciation
  • Identify the requirements, mechanics, and types of §1031 like-kind exchanges
  • Recognize the components of qualified deferred compensation plans and nonqualified plans, noting benefits and calculations as well as current and deferred advantages, the disadvantages of corporate plans, fiduciary responsibilities, and prohibited transactions
  • Identify the requirements of the basic forms of qualified pension plans permitting clients to compare and contrast such plans
  • Recognize the distinctions between defined contribution and defined benefit plans as well as the types of defined contribution plans and their effect on retirement benefits
  • Recognize the requirements for self-employed plans, qualified plans, IRAs, Roth IRAs, SEPs, and SIMPLEs, noting the mechanics and eligibility requirements of each type of plan

Chapter 4

  • Identify basic income types and the 'buckets' of income and loss under §469 that can influence what can be deducted
  • Recognize the passive loss requirements under §469, noting the categories of income, how income is classified, includible activities, and the rules for suspension of disallowed passive losses
  • Note the rules for special transfers not deemed to be fully taxable dispositions
  • Recognize the rules and calculations that pertain to requirements the regular and alternative minimum tax, noting differences between the two methods as well as preferences, adjustments, the life of assets under ADS, alternative minimum taxable income, passive losses under the AMT, and what constitutes ACE
  • Identify the reporting requirements for real estate transactions, independent contractors, and cash reporting to comply with government regulations
  • Specify the various types of accuracy related and unrealistic position penalties, noting applicable statute of limitations
  • Recall the IRS's examination of returns policy and assessment process

 



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