Tax Breaks, Tips, and Loopholes: Part 2

Author: Eva Rosenberg

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course covers the gig economy, Schedule C tips and traps, alimony updates, employer amnesty, and more. Learn how to how to implement tax breaks that impact the Federal 1040 return.

Part 2 of a 2 part series on a variety of tax tips and updates.

Publication Date: January 2019

Designed For
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

  • Routine Changes and Updates
  • Useful Business Client Tips and Reminders
  • Miscellaneous Deductions, Meals and Entertainment
  • Per Diems and Travel
  • State Taxes
  • Business Income and Crowd‐Funding
  • Employee v Independent Contractor
  • Depreciation
  • Home Office
  • Alimony and Divorce
  • Debt Relief
  • Surprise Taxes
  • Foreign Tax Issues
  • Penalty Relief
  • Gifts, Estates and Trust
  • Kiddie Tax
  • Combat Vets Special Refund
  • IRS Resources

Learning Objectives

  • Recognize how to implement tax breaks that impact the Federal 1040 return
  • Differentiate between business and personal income
  • Identify how to report rental income from sources like AirBnB
  • Describe provisions of QDRO transfers
  • Recognize and apply the steps that must be taken to avoid taxation of income received due to cancellation of debt
  • Identify how taxes paid to foreign countries may be tax deductible and how the deduction is claimed
  • Describe when Tax Penalties may be abated
  • Recognize activities considered taxable business income
  • Identify a feature of the home office safe harbor rules
  • Recognize due dates for tax filing and extension deadlines for tax years starting after December 31, 2015
  • Differentiate provision applied to former spouses when dealing with the disposition of their personal residence
  • Describe and apply client tips and reminders
  • Identify per diem rules and how they apply
  • Describe cancellation of tax debt (COD) relief on a taxpayer's principal residence may be available through December 31, 2017
  • Recognize how business property may be eligible for cancellation of debt relief
  • Describe characteristics of when a taxpayer excludes cancellation of debt income, Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness must be filed
  • Recognize how the PATH Act changed the rules for ITINs and which rules apply to your ITIN

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55

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