Staff Training Part 4: 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 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
  • §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


Instructional Method

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $83.00

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