The 1040 Line by Line Series: Part 1 (Completed)
Date: Monday, November 27, 2017
Instructor: Arthur Joseph Werner
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
This course provides a comprehensive review of Form 1040 complexities with regard to income items. It is essential for the tax practitioner who wants to update their knowledge of individual income taxation!
Who Should Attend
Tax practitioner who wants to update their knowledge of individual income taxation.
Topics Covered
- Phase-Outs in the 2017 tax year
- 2017 Direction Changes
- 2015 "Extender Bill" Passed by Congress
- Extenders
- Tax Rates for 2017
- Personal Exemption Phase-Out (PEP)
- Itemized Deduction Phase-Out
- Capital Gains and Dividends
- Permanent AMT Patch
- Social Security Limits 2017
- Status items
- Uniform Definition of a Child
- The "Tests"
- Custodial Parent
- Filing Statuses
- Death of a Taxpayer
Learning Objectives
- Identify the necessary knowledge to complete IRS Form 1040 for the 2017 tax season
- Recognize the updates for tax legislation
- Describe the feature of the bill US congress passed in 2015 as an "Extender Bill"
- Examine the effect on income tax rates as a result of the American Taxpayer Relief Act of 2012
- Differentiate various tax rate statements
- Identify the Uniform Definition of Child rules
- Differentiate filing statuses
- Recognize tax issues that arise due to the death of a taxpayer
- Describe the adjustments to income made permanently in the extender bill
- Evaluate business related extenders made permanent by the extender legislation
- Recognize the income level of the 39.6% income tax rate in effect since 2013 phases
- Differentiate true statements regarding "Pease Limitations" for Itemized Deduction Phase-Outs in the 2016 tax year
- Identify when a parent may take the deduction for a qualifying child under certain circumstances
- Evaluate action when a taxpayer dies
- Recognize the following tests which must be met in order to take a Qualifying Relative as a dependent
- Describe what an executor of an estate must bear in mind
- Identify the 2015 extender bill that made deductions permanent
Level
Overview
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
