2015-2016 Federal Tax Update: Individual Taxpayer Issues (Currently Unavailable)

Author: Stuart P Sobel

In this course Stuart will analyze and discuss significant individual tax issues including high-income taxpayers and identify theft.

Publication Date: October 2015

Designed For
All tax practitioners in public and private practice who need to understand the basics and recent changes in the tax law and procedures.

Topics Covered

• Portability
• High-income taxpayers
• Reporting of sand extraction income
• Identity theft
• Cyber security for taxpayers
• Charitable Giving — Tips and cautions

Learning Objectives

• Calculate personal exemption phaseout
• Identify how high-income taxpayers could bring down their tax rate by avoiding certain purchases
• Recognize and apply several steps to stop individual identity theft
• Identify ways eligible taxpayers can prevent misuse of social security numbers by using an identity protection PIN (IP PIN)
• Evaluate password samples that would provide the potentially strongest cyber-security for your computer
• Differentiate the facts that apply to individual tax payers vs. United States court cases
• Recognize appraiser rules under IRC §6662(a)
• Explain proper advisement of basis deduction rules and how they apply to various property owned
• Identify which out-of-pocket expenses can be claimed as deductions
• Calculate itemized deduction limitations
• Recognize the percentage that applies to additional Medicare tax to the Affordable Care Act
• Identify new tax provisions since 2012 regarding a dollar amount tax increase
• Recognize how to resolve an identity theft issue and which additional measures to take when filing a tax return
• Identify when to use an IP PIN when e-filing your tax returns
• Identify the more effect way to prevent malicious software
• Evaluate what is required to have an appraisal performed if making a donation of equipment valued over a certain dollar amount
• Recognize reasons why the IRS prevailed in denying charitable donation
• Identify what would apply to property contributed to a charitable organization
• Identify restricted gift and permissible gift classifications

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None