2017 Individual Federal Tax Update (Currently Unavailable)

Author: Bradley Burnett

This course will provide a deep dive on changes, court rulings, regulations, and other developments that will affect the individual income tax returns you file for 2017. This fast-paced program will highlight the planning you need to consider in a time of uncertainty as well as provide an up-to-date look at what is going on in Congress.

More than ever, this year promises to be one with lots of questions from your clients. What's new? How can I plan for the years ahead? Do I need to do anything different? CCH CPELink will help you through the uncertainty with this on-demand course, lead by Bradley Burnett, J.D.

This course reflects tax law after enactment of TCJA. The focus is on the preparation of 2017 tax returns.

Publication Date: December 2017

Designed For
All CPAs, EAs, tax preparers and other tax professionals who advise clients and prepare federal income tax returns.

Topics Covered

• Latest developments in tax reform and legislative activity
• Regulatory developments from the IRS
• Rule changes, court decisions and other developments that will affect 2017 returns

Learning Objectives

• Explain the latest developments in individual taxation for 2017
• Identify Donald Trump's post-election proposed tax rate for corporate repatriation tax
• Differentiate tax regulations removing the 10% of AGI limitation with respect to casualty losses
• Recognize the factors included in the "eight factor test to establish a loan"
• Identify which rules related to the Form 1099-C Cancellation of debt was removed for info returns filed after 2016
• Identify acceptable methods for allocating between land and buildings
• Differentiate IRC Sections requirements with respect to like-kind exchanges
• Recognize cases related to real estate active participation involved a taxpayer which successfully defended their position as a real estate professional
• Identify forms during 2011-2016 companies use for tax overpayments to the IRS
• Identify the annual contribution limit to a Roth IRA in 2017 for individuals age 50 and older
• Differentiate correct statements with respect to the Transfer Tax Legislative Outlook
• Identify the projected estate and gift tax basic exclusion amount for 2018
• Recognize hot issue on the IRS's radar screen
• Identify the qualified hurricane distributions that may be made from any IRA or retirement account
• Describe the percentage the AGI Floor for seniors with respect to medical expenses is set to increase to
• Identify when 2017 returns in 2018 filing season will not be accepted as an electronically filed returns
• Recognize the type of exchanges the IRS Disaster relief allows extra time to complete them for FL or GA individuals
• Identify the new reporting required forms with respect to tax exempt obligations acquired after 2016
• Describe income levels identifying the "Super Rich" for 2017
• Identify the annual contribution limit to a traditional IRA in 2016 for those individuals younger than 50 years old
• Identify a disqualified person with respect to prohibited transactions
• Differentiate statutes based on the transfer tax legislative outlook standing to lose revenue
• Identify the annual gift tax exemption for 2017
• Differentiate cases resulting in the taxpayer not being able to use the Section 529 five year forward averaging
• Recognize concepts relating to the situation where a surviving spouse may use a deceased spouse's unused exclusion amount with respect to the estate tax
• Identify which form with respect to the discharge of estate tax liens was revised by the IRS

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None