Tax Breaks, Tips and Loopholes: Part 2 (Currently Unavailable)

Author: Eva Rosenberg

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

This course covers Home Mortgage Interest and Acquisition Debt, Schedule C tips and traps, Divorce Related Issues, Net Investment Income Tax, and more. Learn how to how to implement tax breaks that impact the Federal 1040 return.

Publication Date: October 2016

Designed For
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

  • Energy credits for home and vehicle
  • Surprise taxes — like AMT, SE, NII and Medicare
  • State Tax Refund vs Sales Tax Deduction
  • Teachers/Classroom Supplies
  • Higher Education Interest
  • Schedule C tips and traps
  • Divorce Highlights - Alimony, QDRO, and IRA
  • Travel Expenses and Per Diems
  • Employee Deductions
  • Medical Expenses in all their Glory
  • Home Mortgage Interest and Acquisition Debt
  • Debt Relief — on Home or Other Loans
  • Miscellaneous Income
  • Net Investment Income Tax
  • Foreign Tax Credit — overlooked strategies
  • First Time Abatement Penalty Relief
  • Nursing Services, Home Health Care
  • Child Care Credits you didn't know about

Learning Objectives

  • Recognize how to implement tax breaks that impact the Federal 1040 return
  • Describe items as business income, not personal
  • Identify Safe Harbor rules that can be used
  • Recognize provisions of QDRO transfers
  • Differentiate the steps that must be taken to avoid taxation of income received due to cancellation of debt
  • Identify taxes paid to foreign countries that may be tax deductible and the deduction claimed
  • Recognize under certain circumstances the IRS will remove with assessed penalties incurred by the taxpayer and when the tax penalties may be abated
  • Describe the activities considered as taxable business income
  • Recognize the feature of the home office safe harbor rules
  • Identify the difference from 2014 to the 2015 tax year when the IRS has changed certain tax filing and extension deadlines
  • Describe what provisions apply to former spouses when handling the disposition of their personal residence after a divorce
  • Recognize client tips and reminders that are recommended
  • Evaluate the rules which apply when using per diems
  • Differentiate the circumstances for cancellation of tax debt relief relative to a taxpayer's principal residence
  • Identify situations under business property that may be eligible for cancellation of debt relief
  • Recognize what must be filed when a taxpayer excludes cancellation of debt income, Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness
  • Evaluate the Residential Energy Credit available to taxpayers in certain situations

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Any practitioners that need information on the tax reform.

Advance Preparation
None

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