Dive deep into tax changes

Explore in depth the effects of the latest tax legislation, including the American Rescue Plan of 2021, recent IRS guidance, and Tax Court decisions on the hottest topics affecting individual taxpayers. Gather a wealth of tax-planning tips and strategies and learn about key tax return issues so that you can better serve your clients. This fast-paced, real-world session will help ensure you are taking advantage of present opportunities and preparing your clients for the future.

Who Will Benefit

CPAs working with clients or employers requiring up-to-date expertise in individual income taxation for the current tax season

Key Topics

• Gains and losses on property transactions
• Fringe benefits
• Retirement plan distributions
• Hobby losses
• Home offices
• Depreciation and amortization
• Tax credits
• The qualified business income deduction under Section 199A
• Tax credits
• Tax phase-out provisions for high-income taxpayers
• Hot tax planning strategies for individuals and small businesses
• Roth IRA, IRA, and retirement plan options
• Travel and entertainment

Learning Outcomes

• Determine the various items that should be included or excluded in an individual’s gross income and their proper tax treatment.
• Identify the specific rules that apply under "passive activity."
• Identify and calculate the business deduction for home office expenses and deduction limitations on vacation homes and other ordinary business expenses.
• Recognize the tax implications of having rental real estate classified as an active or passive activity.
• Determine the amounts allowable for deducting travel, transportation, and meal expenses.
• Identify the rules for depreciation and amortization deductions. Differentiate between capital and ordinary income treatment on property transactions.
• Identify tax consequences for self-employed retirement plans and IRAs.
• Gather the information required to include the claim for a tax credit on an individual income tax return.
• Calculate the qualified business income deduction.
• Differentiate the taxability of deferred income, Social Security benefits, and other taxable income.
• Apply the specific rules for the deductibility of travel and entertainment expenses as they relate to business or rental transactions in preparing income tax returns.
• Gather the necessary information required to include tax credits on an individual tax return.