2016-2017 Federal Tax Update: Individual

Author: Arthur Joseph Werner

CPE Credit:  5 hours for CPAs
5 hours Federal Tax Law Updates for EAs and OTRPs
5 hours Federal Tax Updates for CTEC

This course is essential for the tax practitioner who wants to update their knowledge of individual income taxation and provide a comprehensive review of Form 1040 complexities. Updates for tax legislation passed in late 2015 along with many important topics that impact clients in these difficult times will be discussed during the lecture.

Publication Date: October 2016

Designed For
CPAs, EAs, and other tax professionals.

Topics Covered

  • What's new for 2016
  • Tax rate issues
  • Status issues
  • FBAR and FATCA issues
  • Review of essential IRC Sections
  • Review of new legislation
  • Alternative Minimum Tax legislation
  • IRS collection issues and lien relief
  • Income and exclusions from cancellation of debt
  • Reporting foreclosures or repossessions of residences and other real estate
  • Various income and deduction issues

Learning Objectives

  • Recognize necessary knowledge to complete IRS Form 1040 for the 2016 tax season
  • Identify legislation that effects 2016 Form 1040 compliance
  • Describe post year-end options that effects 2016 Form 1040 compliance
  • Differentiate relevant penalties for non-compliance
  • Identify proper client deductions and filing status
  • Recognize requirements and definition of a child for tax purposes
  • Differentiate foreign assets, accounts, and non-resident alien issues
  • Identify best practices for medical expense deductions
  • Recognize how IRS classifies gifts and if they should be included in income
  • Differentiate when clients qualify for the §121 exclusion
  • Recognize when to complete and file the Form 982
  • Identify long-term care deduction limits
  • Describe proper miscellaneous itemized deductions
  • Calculate taxable income for the 2016 tax year
  • Identify when the Pease limitation applies to clients
  • Recognize when taxpayers can claim an AMT exemption
  • Describe when clients are subject to FATCA
  • Identify proper filing steps in the death of a taxpayer
  • Recognize capital gain tax and exclusions
  • Differentiate relationship statuses and how to properly file a return for each
  • Describe how to claim gambling losses
  • Identify tax preparer penalties



Instructional Method

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation

Registration Options

Regular Fee$79
Value Pass Fee$0

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