[WEB] Individual Tax Workshop

Description

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

Participants will review the rules, regulations, and forms required for the filing of the individual  income tax return. This one-day program will use the form 1040 to highlight the commonly encountered problems.  

Objectives

After completing this course the participant will be able to:

• Discuss the latest changes and legislative developments affecting individuals, including the Inflation Reduction Act as it affects the solar credit, insulation credit, new and used electric vehicles, and charging stations.
• Calculate the Kiddie Tax and complete Form 8615 and Form 8814.
• Calculate depreciation, including bonus depreciation, half-year and mid-quarter conventions, and §179 additional first-year depreciation.
• Determine the tax effect of transfers of property in a divorce or separation, filing status, and which parent is entitled to the child care credit and child tax credit.
• Determine the deductibility of travel and entertainment expenses.
• Calculate the deduction under §199A for qualified business income.
• Calculate alternative minimum tax and identify individuals likely to be affected by AMT.
• Discuss capital gains and losses, sale of business property and Form 4797, sale of principal residence, like-kind exchanges and Form 8824, installment sales and Form 6252, basis.
• Describe filing requirements, including penalties and payments of estimated tax.
• Calculate itemized deductions, including qualified residence interest, charitable contributions, miscellaneous itemized deductions, and nonbusiness casualty losses for a presidentially declared disaster area.
• Explain the deductibility of losses, including passive activity losses, vacation homes, office in the home, and hobby losses.
• Describe the tax effect of contributions to and distributions from qualified plans, including IRAs, penalty taxes, and the required minimum distributions where death occurs after the RBD.
• Determine if income is subject to self-employment tax and the effect of CCA 202151005.
• Describe the requirements for filing Form 1099s and penalties for noncompliance.
• Calculate common refundable/nonrefundable credits.