View More Self-Study Courses

Staff Training Part 4: Individuals (Currently Unavailable)

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 deductible retirement plan contributions, health savings accounts, deductible contributions to traditional individual retirement accounts (IRA’s) and Roth IRA’s. We’ll also introduce the qualified business income deduction (“QBID”) that provides for an automatic 20% deduction based upon the amount of a client’s business income.

Publication Date: July 2020

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

Topics Covered

Adjustments to Income
Schedule 1: Virtual Currency Question
Educator Expense
Health Savings Accounts
Deductible Part of Self”Employment Tax
Alimony — Income and Deductions
Self”Employed Retirement Plans
Simplified Employee Pensions: "SEP's"
Establishing a SEP: 5305”SEP
Simple Plans
401(k)s Defined Benefit Plans
Traditional IRAs and Roth IRAs
Overcoming Roth Limits
Student Loan Interest Expense
Tuition Deduction
Â§199A — The QBID
Caps
Other Taxes
Net Operating Losses
The Twins: NIIT and Medicare Surtax
Saver's Credit
Premium Tax Credit
Paying Tax
W”4: Employee Withholding
Form 1040”ES

Learning Objectives

Compute the deductible amount of retirement contributions
Identify which retirement plans work best for particular types of clients
Compute the qualified business income deduction
Compute the amount of self-employment tax
Identify the 2020 HSA contribution limit for family coverage
Describe self-employment tax
Describe alimony payments
Identify the steps in establishing a SEP IRA
Differentiate between a traditional and Roth IRA
Identify correct statements regarding student loan expense and the related deduction
Identify the deduction limit for student loan interest

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None

View More Self-Study Courses