2018 Federal Tax Update for Individuals (Currently Unavailable)

Author: Bradley Burnett

CPE Credit:  8 hours for CPAs
8 hours Federal Tax Law Updates for EAs and OTRPs
8 hours Federal Tax Updates for CTEC

Get Ready for 2018 Individual Return Filing Season with a Deep-Dive Update

The Tax Cuts and Jobs Act of 2017 means you have more work to do than ever in getting ready for the 2018 return filing season. No shallow overview update can adequately prepare you for the coming tax season and the questions you'll face in filing returns and advising clients. Individual taxpayers are likely to have many questions and concerns this year in the face of so much change.

Join seasoned tax pro and expert instructor Bradley Burnett, J.D., LL.M., for this extensive CPE Course that will cover all of the latest developments and get you up to speed. There are major changes to contend with in this year's returns and Congress has left many things for the IRS to work through with guidance. This on-demand course will provide the latest in developments as well as tips on the potential traps and pitfalls of TCJA.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: November 2018

Designed For
All return preparers, tax planners, CPAs, EAs, and others who work with clients on individual income tax returns and issues

Topics Covered

  • The Tax Cuts and Jobs Act of 2017
  • Tax Reform 2.0
  • IRS Postcard Form 1040
  • Sequestration (Reduction of Govt Payments)
  • Ministers — Gifts vs. Income
  • Minister Housing Allowance
  • 2018 Wage Withholding
  • TCJA — Effect on Estimated Taxes
  • Rates — Before and After TCJA
  • Backup Withholding
  • Kiddie Tax
  • TCJA Kiddie Tax — Effect on Tax Practice
  • TCJA — Kiddie Tax (Estate and Trust) Rates
  • Kiddie Tax — Higher or Lower Under TCJA?
  • Capital Gains Rates (Non”Corporate)
  • NIIT — Investment by Parent vs. Child
  • Parent vs. Child Investing
  • Top Investment Income Tax Rates
  • Standard Deduction Planning
  • Personal Exemption Deduction
  • Head of Household — Due Diligence
  • Child Tax Credit — Compliance Issues
  • TCJA — Pease Limitation Suspended
  • 3 Classes of Rich — Super, Medium & Poor
  • TCJA — Itemized Deduction for Medical
  • Health Savings Accounts
  • TCJA — Itemized Deduction for SALT
  • TCJA — SALT — State Workarounds
  • TCJA — Home Mortgage Interest (2018”2025)
  • TCJA — Home Equity Debt
  • Interest Tracing Rules
  • TCJA — Charitable Contributions
  • Qualified Charitable Distributions ” Planning
  • TCJA — Itemized Deductions for Personal Casualty Losses
  • TCJA — Itemized Deductions for Personal Theft Losses
  • TCJA — Miscellaneous Itemized Deductions
  • TCJA — Unreimbursed Employee Business Expenses
  • TCJA ” Alternative Minimum Tax
  • Pre”TCJA — AMT Train Abandoned Its Original Track
  • TCJA — Employer Credit for Paid Family & Medical Leave
  • TCJA — Alimony
  • Divorce is Like a 3 Handed Card Game
  • Divorce Planning — Time to Reshuffle the Deck?
  • Divorce Planning — Punch List
  • Real Estate
  • TCJA — Like Kind vs. Non Like Kind
  • Passive Activity Losses
  • PAL — Material Participation
  • Investments
  • Variable Prepaid Forward Contracts Kicking the Can Down the Road
  • Virtual Currency
  • FBAR — Civil vs. Criminal
  • IRS Stacking of International Info Return Penalties
  • Individual Retirement Accounts (IRAs)
  • BBA 2018 — Improper IRS Levy on IRAs and Retirement Accounts
  • Tax Cuts Jobs Act — Transfer Taxes
  • Gifting Under TCJA
  • State Estate Taxes
  • Generation Skipping Tax Under TCJA
  • Electronic Wills
  • IRS Examination of Estate and Gift Tax Returns
  • Portability
  • Portability vs. Credit Shelter Trust
  • Collection of Estate Tax
  • Generation Skipping Transfer Tax (GSTT)
  • Retroactive Legislation — A Big Deal if It Applies To You
  • BBA 2018 — Extender Bill ” Education
  • BBA 2018 ” Extender Bill Energy Incentives
  • Credit — Hybrid and Electric Cars
  • Appropriations Act — California Wildfires

Learning Objectives

  • Identify how to file correct and accurate 2018 individual income returns
  • Explain how the Tax Cuts and Jobs Act impacts clients
  • Recognize how the standard deduction change will radically affect how some clients file
  • Identify new rates beginning in 2018 as a result of TCJA
  • Describe correct statements regarding kiddie tax
  • Recognize and apply standard deductions as a result of TCJA
  • Identify the estimated percentage of single tax filers that will itemize as a result of the TCJA, based on the Tax Policy Center's analysis of itemizers
  • Describe the child tax credit
  • Recognize which tax area was not significantly impacted by TCJA
  • Identify how the new TCJA regulations relating to home mortgage interest is applied
  • Describe qualified charitable distributions
  • Identify the impact of TCJA on casualty or personal theft losses
  • Recognize the impact of TCJA on unreimbursed employee business expenses
  • Describe how AMT was impacted by TCJA
  • Recognize which types of mileage rates remained unchanged in 2018 vs. 2017
  • Identify which IRC Section prescribes the requirements relating to like-kind exchanges
  • Recognize and apply the divorce planning punch list items to your clients
  • Identify the qualifying tax-free distributions limit per student, per year, for elementary or secondary school only with respect to 529 plans
  • Describe correct statements regarding IRAs as a result of TCJA
  • Identify the $2,000 deduction AGI cap related to the tuition deduction extender bill for single tax filers
  • Differentiate characteristics of the hybrid and electric car credit
  • Identify the amount the $100 casualty floor has been increased to, based on the California Wildfires Appropriations Act
  • Differentiate characteristics of the American Innovation Act
  • Recognize how the Family Savings Act applies, based on Tax Reform 2.0
  • Describe characteristics which would suggest payment to a minister is a gift as opposed to income
  • Identify the lowest tax bracket as a result of the TCJA for single tax filers
  • Recognize when the new 2018 wage withholding tables must be used by employers
  • Identify characteristics of a Section 529 plan
  • Recognize what the State workaround for the Federal $10,000 SALT limit involves
  • Differentiate types of casualty losses suspended from 2018 through 2025 except for losses attributable to federally declared disasters
  • Recognize what does not qualify as an unreimbursed employee business expenses
  • Recognize which type of taxpayer the moving expense deduction and exclusion has been suspended for, starting in 2018
  • Identify which state mandates mathematical guidelines to computing alimony
  • Describe which type of transaction must be met in each condition to qualify for a like-kind exchange
  • Identify the penalty for non-willful failure to file a FBAR
  • Recognize which years the estate and gift tax basic exclusion amounts were doubled
  • Identify the current number of states that have an estate or inheritance tax
  • Identify the new unified credit equivalent with respect to estate and generation-skipping transfer taxes
  • Describe estate and gift tax recent developments
  • Identify which state in 2016 became the first state to allow electronic wills
  • Recognize a transfer tax imposed on beneficiaries who are two or more generations removed from the transferor
  • Describe the BBA 2018 Extender Bill extending through 2017 tax breaks for businesses and employers

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
Basic understanding of federal individual income taxation concepts

Advance Preparation
None

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