Intermediate Individual Taxation - Tax Staff Essentials

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Congress continues to create uncertainty with its frequent legislative changes. Learn the tax law changes and the individual and business planning opportunities they provide.

Gather a wealth of tax-planning tips and strategies, and learn about key tax return issues so you have the latest guidance to better serve your clients.

Explore in-depth the effects of the latest tax legislation, including the American Rescue Plan of 2021, tax court decisions, and IRS guidance on the hottest tax topics affecting individual taxpayers.

Who Will Benefit

• CPAs working with clients
• 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

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 the "passive activity" rules.
• 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 meals 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.
• Recall the information required to include the claim for a tax credit on an individual income tax return.
• Calculate the qualified business income deduction.