Staff Training Part 3: Individuals

Author: Greg White

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

Tax practice is a complicated field. We’ll break it down into understandable concepts, including business income (sole proprietors and farmers), rental income, and common business expenses. We’ll also introduce the passive activity rules which can limit losses on individual tax returns.

Publication Date: July 2020

Designed For
Designed for tax professionals involved in federal tax planning or tax return preparation.

Topics Covered

  • Increasing Mechanization
  • Income
  • Schedules C and F
  • Form 1099: Reporting to Payees
  • Business Expenses
  • Meals and Entertainment
  • Automobiles
  • Form 4562: Depreciation
  • Rough Hewn Estimates
  • Capital Expenditures vs. Repairs
  • De minimis: Book Conformity
  • De Minimis Rule: Improvements
  • Home Office Expenses
  • Schedule E: Rental Income and Expenses
  • Form 1098
  • Defending Clients
  • Capital Gains and Losses
  • Form 8949
  • Schedule D
  • Long‐Term Capital Gain: Year and a Day
  • Netting of Capital Gains and Capital Losses
  • Home Sale Exclusion (§121)
  • Form K‐1: Passthrough Income
  • Use of Rental for Personal Purposes
  • Vacation Homes
  • Form 8582: Passive Losses
  • Active Participation Exemption
  • Social Security Benefits
  • Other Taxable Income

Learning Objectives

  • Identify circumstances where an individual must report business income on Schedule C
  • Compute the limitations on automobile deductions
  • Identify special substantiation rules that apply to the business use of automobiles
  • Identify ways to save time by using the "de minimis" rules to immediately expense improvements to real property
  • Differentiate which Schedules are used in various scenarios
  • Recognize which tax forms to file in various client scenarios
  • Identify meals and entertainment deductions
  • Describe which types of property is eligible for bonus depreciation
  • Identify correct statements with respect to depreciation and de minimis rules
  • Identify a reason to acquire real estate
  • Identify the three tests to be met to be an active participant
  • Recognize and apply social security benefits

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $83.00

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