Recent Tax Developments (May-June 2018)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC

This on-demand course, developed by noted tax authorities Sidney Kess and Barbara Weltman, provides you with an overview of recent tax developments, including developments related to the Tax Cuts and Jobs Act, and highlights planning tips and techniques to help you in your practice. This course will cover recent developments that impact both businesses and individuals, and from the IRS, the courts, and other authorities. It will also cover key filing dates and other reminders not to be overlooked at this time of the year.

Publication Date: April 2018

Designed For
Tax

Topics Covered

  • IRS modifications to COLA
  • Changes made to Health Savings Accounts
  • Changes to the tax treatment of alimony
  • Education related tax breaks, including the American Opportunity Credit and the Lifetime Learning Credit
  • Guidance on the treatment of deductions for home equity loans and homebuyer credit recapture for first time homebuyers who file for bankruptcy
  • Developments impacting real estate for businesses and investors, including the treatment of capital improvements to real estate
  • Treatment of forfeited deposits
  • Corporate deduction for a home office
  • Bipartisan Budget Act of 2018 including extenders for individual and disaster relief for both individuals and businesses
  • Filing a refund claim based on the wrongful incarceration
  • Relief to whistleblowers
  • The new tax return for seniors age 65 or over
  • Offshore Voluntary Disclosure Program (OVDP)
  • Top 12 tax scams
  • IRS 2017 Date Book
  • Interest rates on overpayments and underpayments
  • Audit statistics during the 2017 fiscal year
  • Deadline for filing Form 5500

Learning Objectives

  • List the modifications to COLAs for 2018
  • Explain when profitable sales of real property result in capital gains or ordinary income
  • Discuss the changes made by the Bipartisan Budget Act of 2018

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Understanding of basic tax topics

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $39

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