2019 Individual Federal Tax Update: Including Tax Cuts and Jobs Act Developments

Author: Greg White

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

More than ever, this year promises to be one with lots of questions from your clients. What crucial new guidance has been issued under the Tax Cuts and Jobs Act (TCJA)?

CCH will guide you through the maze with this on-demand course taught by Greg White, CPA. This course will get you up to speed on the latest individual tax developments for 2019. This fast-paced program will highlight legal and regulatory developments as well as give you a head start on those 2019 returns that will be affect by recent guidance under the Tax Cuts and Jobs Act.

Publication Date: November 2019

Topics Covered

  • Taxable Income
  • Director's Fees
  • Payroll Taxes and SE Tax
  • DCN
  • Social Security
  • IRS Practice and Procedure
  • TCJA Audit Adjustments
  • Passports and Unpaid Taxes
  • Itemized Deductions
  • Tax Forms
  • New Form 1040-SR
  • New QBID Forms
  • Tax Preparer Security
  • Qualified Opportunity Funds
  • Tax Legislation: Taxpayer First Act (July 1, 2019)
  • Taxes and Celebrity Scandals
  • §199A — The QBID
  • Do RE Rentals Qualify for QBID?
  • Triple Nets
  • Revenue Procedure 2019-38 — Safe Harbor
  • Just a Safe Harbor — Don't Have to Meet for §199A QBID
  • Funeral Service Director Nabbed for Fraud

Learning Objectives

  • Describe the latest developments in individual taxation for 2019
  • Recognize how to prepare accurate individual tax returns for 2019
  • Identity tax-savings opportunities for your clients
  • Describe correct statements regarding crypto currency
  • Identify an independent digital system to record, share, and synchronize transactions
  • Identify one of the relationships Dr. Hardy had with the surgical center as it relates to his case with the IRS
  • Identify the OASDI employee share in 1940
  • Recognize which type of taxpayer has consistently had the highest audit rates based on the IRS Data Books
  • Describe IRS Audit Statistics
  • Identify an advantage of an installment agreement
  • Recognize common TCJA audit adjustment item is limited to members of armed forces who moves pursuant to military order and permanent change of station
  • Recognize situations where a taxpayer be considered to have seriously delinquent taxes
  • Identify which Form 1040 schedule was eliminated/merged with Schedule 3
  • Recognize the new 2019 IRS Forms
  • Describe "security six" required by law
  • Recognize correct statements with respect to new Form W-4
  • Differentiate tax incentives provided with respect to designated opportunity zones
  • Describe qualifying service as it relates to the safe harbor requirements related to service hours, regarding Revenue Procedure 2019-38
  • Identify a big problem with Bitcoin from the IRS's perspective
  • Recognize the time period the IRS announced Crypto Information Reporting as well as an update to its FAQs
  • Describe what percentage of millennials are concerned they won't collect social security
  • Recognize which type of taxpayer had the highest audit rate in 2018
  • Identify the most common IRS audit appeal type in 2018
  • Recognize up to what amount mortgage interest is deductible on indebtedness, for new mortgages incurred after December 15, 2017
  • Describe within how many days of receiving a "Notice of Intent to Request State Dept. Revoke Passport"a delinquent taxpayer should call the IRS
  • Identify how to apply for an installment agreement
  • Recognize correct statements with respect to the number of taxpayers that paid AMT in 2018 compared to 2017
  • Describe a type of phishing involves a thief that encrypts data on your computer then asks for ransom
  • Identify the 2020 actual FICA maximum
  • Recognize until the end of what year qualified opportunity funds provide deferral of capital gains tax
  • Differentiate court cases and how the result could apply to your clients
  • Identify an advantage of grouping regarding the Revenue Procedure 2019-38 Safe Harbor
  • Recognize what year only the Revenue Procedure 2019-38 safe harbor allowed

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

Registration Options
Quantity
Fees
Regular Fee $111

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