This program is designed for the accountant who is ready to handle the most complex individual client's income tax preparation. The program will look at areas that vex CPAs when dealing with individual taxes, including the 199A qualified business income deduction, limitation on deduction of business interest under 163(j), passive activity rules, and the net investment income tax.
Learning Objectives
Participants will be able to:
- Solve complex 1040 problems
- Compute qualified business income deduction
- Compute tax on net investment income, additional withholding and tax on wages, and self-employment earnings
- Explain and compute AMT
- Identify and apply passive activity rules
- Recognize and advise clients on like-kind exchanges
- Define and apply at-risk rules
- Recognize existence of and compute amount of NOL and understand tax implications.
Major Topics
- Impact of any tax legislation enacted by Congress during the year
- Qualified business income deduction-who it applies to, how to deal with the limitations, and planning opportunities
- Passive losses-tracking, triggering, and grouping activities in order to reduce passive income
- Net investment income tax
- Like-kind exchanges
- At-risk rules
- Excess business and NOL
- Alternative minimum tax issues
