2015-2016 Federal Tax Update: Congressional Tax New Developments (Currently Unavailable)

Author: Stuart P Sobel

This course covers the 2014 and 2015 approved Congressional tax bills. Includes Affordable Care, Tax Increase Prevention Act, and more.

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

• Surface Transportation and Veterans Health Care Choice Improvement Act of 2015
  o Modification of mortgage reporting requirements
  o Limitations of basis of inherited assets and new reporting requirement
  o Clarification of 6-year statute of limitations in case of overstatement of basis
  o Tax return due dates
  
• Tax Increase Prevention Act of 2014
  o Extenders
  o ABLE Act
  
• Affordable Care Act update
  o 2015 individual shared responsibility payment
  o Hardship exemption claims without prior certification
  o Calculating affordable coverage
  o Employer information reporting requirements for 2015
  o Premium tax credit issues
  o Supreme Court cases on Affordable Care Act issues
  

Learning Objectives

• Identify new tax law changes implemented by Congress in late 2014 and 2015
• Differentiate and avoid mistakes in preparation of 2015 tax returns
• Recognize and assess the new developments in tax law from the standpoint of congressional activity since 2006
• Identify the filing date deadlines when you file under the Tax Prevention Act of 2014 and Surface Transportation and Veterans Health Care Improvement Act of 2015
• Recognize the due date for extension for filing Form 3520
• Identify if you quality for an exception and which of the family maximum penalties would apply under the Affordable Care Act (ACA)
• Evaluate the new statutes of limitation under various client circumstances
• Recognize the new changes to corporate due dates when applying for an extension
• Evaluate which IRS sections would be eligible for a tax-free distribution according to the new individual extender provisions
• Identify under the ABLE Act when an individual would need to limit aggregate annual tax-free contributions to an account with an exclusion limit
• Differentiate which Affordable Care Act (ACA) provisions would apply if the required contribution for coverage based on percentage of contribution for 2015 would be calculated to be
• Identify which informational forms regarding health insurance coverage is issued by the employer
• Recognize the due date for electronically filing Form 1094-C
• Identify the penalty rate for filing under cumulative penalties if you failed to file a required information form for 25 employees within 30 dates of the due date of the form
• Recognize when applying for the premium tax credit (PTC) which situations would apply in determining the amount for which is actually qualified and the deductions implied

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None