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: June 2021

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

Topics Covered

  • Social Security Benefits
  • Other Taxable Income
  • Schedule 1: Virtual Currency Question
  • Adjustments to Income
  • Deductible Part of Self”Employment Tax
  • 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
  • Specified Service Businesses Guard Rails
  • Other Taxes
  • Self”Employment Tax
  • Credits
  • "Kiddie Tax"
  • Looking Ahead
  • Premium Tax Credit
  • The Twins: NIIT and Medicare Surtax
  • The Net Investment Income Tax ("NIIT")
  • Medicare Surtax
  • Saver's Credit
  • Income Tax Withholding and Estimated Taxes
  • W”4: Employee Withholding
  • Form 1040”ES: Estimated Tax Payments

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 2021 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
  • Identify the estimated number of taxpayers that do not itemize
  • Identify the highest contribution rate to a SEP IRA for eligible employees
  • Recognize which types of retirement plan allows for the contribution of very large amounts of money
  • Identify the 2020 Traditional and Roth IRA contribution limit for qualifying individuals less than 50 years of age
  • Recognize which type of entity is ineligible for the new Section 199A deduction
  • Identify the Medicare Surtax rate
  • Recognize which form should be used in various scenarios

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 $85.00

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