2013-2014 Individual & Employee Federal Tax Update (Currently Unavailable)

Author: Vern H.

Vern discusses the current Tax Codes, cases and rulings affecting individual taxation including extender bill provisions, DOMA, and all the individual tax credits, including the AMT patch.

Follow along with Vern's comprehensive PDF manual containing hyperlinks to important rules and regs, included with purchase.

Publication Date: November 2013

Designed For
All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their clients.

Topics Covered

• Looking at new tax legislation passed in 2013
• Reviewing the extender bill provisions
• Warning you about the possibility of tax reform and what it may look like
• Seeing that the top tax bracket is back to 39.6% starting this year
• The new tax return filing requirements for same-sex couples and Registered Domestic Partners after the Supreme Court's decision on DOMA
• A myriad of adjustments to gross income such as health savings accounts and prepaid tuition accounts
• The ways divorce attorneys can screw up the alimony requirements
• Talking about the return of the personal exemption phaseout and itemized deduction phaseout haircuts.
• Marveling at the retention of the 0% and 15% capital gain rates along with the introduction of the 20% capital gain rates on high income taxpayers
• Looking at the stock basis reporting on new Form 1099-B and redesigned Form 8949
• Planning on how to avoid the 3.8% Medicare tax on unearned income
• The new FBAR and FATCA reporting forms and requirements for both foreign income and foreign assets
• The increase of the Medical AGI haircut from 7.5% to 10%
• Closely examining the individual mandate for health coverage and its associated penalties
• Seeing which individuals are exempt from the individual mandate
• Reviewing itemized deductions including the charitable contribution rules, the home mortgage rules and an extensive discussion of allowable medical expenses
• Catching up with a new form for Ponzi-type losses
• Reviewing the general rules on both casualty losses and theft losses
• And closing with an examination of all the individual tax credits, including the AMT patch, which has now been made permanent

Learning Objectives

• Recognize key tax changes effective in 2012, affecting individual and employee taxation.
• Identify numerous tax issues and provisions impacting your clients' or employer's tax returns.
• Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None