Tax Breaks, Tips, and Updates: Part 2 (Completed)

Date: Wednesday, November 20, 2019
Instructor: Eva Rosenberg
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

This course covers the gig economy, Schedule C tips and traps, alimony updates, employer amnesty, and more. Learn how to how to implement tax breaks that impact the Federal 1040 return.

Part 2 of a 2 part series on a variety of tax tips and updates.

Who Should Attend
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

  • Routine updates and deadlines
  • Home office tips and tricks
  • Miscellaneous Income
  • Taxability of crowd-funding and the "gig" economy
  • Net Investment Income Tax
  • First Time Abatement Penalty Relief
  • Nursing Services, Home Health Care
  • Child Care Credits you didn't know about

Learning Objectives

  • Recognize how to implement tax breaks that impact the Federal 1040 return
  • Identify the maximum contribution amount allowed to a 401(k) and Roth IRA in 2018
  • Recognize the changes to filing deadline and the new form due dates
  • Identify an example of business income versus deposits to a business account
  • Describe the benefits to employers of putting employees on payroll instead of 1099s — the VCSP amnesty
  • Identify the maximum earning subject to social security tax for 2018
  • Describe standard per diem rates and how they work
  • Recognize and apply the new rules for depreciation
  • Identify the new alimony rules and dispel myths
  • Identify which form a taxpayer may receive relating to cancellation of debt
  • Describe the taxable income amount the Foreign Earned Income Exclusion allows American taxpayer working outside the US to exclude
  • Identify and apply gift and estate tax rates

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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