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Seminar

Individual Tax Workshop - Two Day (802)

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Meeting Times:

Monday, December 20, 2021 8:30 AM - Tuesday, December 21, 2021 4:30 PM
The meeting time above is expressed in MOUNTAIN TIME, which is:
Eastern Time:
10:30 AM - 6:30 PM
Central Time:
9:30 AM - 5:30 PM
Pacific Time:
7:30 AM - 3:30 PM

Price:

Single Price: $260.00
Multiple Discount Price: $240.00

Location:

Internet Course - Live Streamed

Delivery Method:

Group Internet Based

Credit Hours:

13.0 IRS Federal Tax Law MF2AY-T-01026-21-O
3.0 IRS Federal Tax Update MF2AY-U-01027-21-O

Field of Study:

Taxes - Technical (Individual Income Taxation)

Course Level:

Intermediate

Prerequisites:

Experience in individual taxation

General Description:

Participants will review the rules, regulations, and forms required for the filing of the individual income tax return. This two-day program will use the Form 1040 to highlight commonly encountered problems.

Learning Objectives:

After completing this course the participant will be able to:

  • Discuss the latest changes and legislative developments affecting individuals, including the Coronavirus Response and Recovery Act (Dec. 27, 2020), the American Rescue Plan (March 11, 2021), and the tax changes in the Infrastructure Bill (Nov. 5, 2021). Various changes proposed by the Build Back Better Act (House passed Nov. 19, 2021) will also be discussed as the changes would affect the 2021 filing season.
  • Calculate the Kiddie Tax and complete Form 8615 and Form 8814.
  • Calculate depreciation, including bonus depreciation, half-year and mid-quarter conventions, and §179 additional first-year depreciation, as well as Rev. Proc. 2020-25 and filing an amended return to take bonus depreciation, and DCN 244 for using Form 3115 to claim bonus depreciation in 2021.
  • Discuss the treatment of expenses paid from the PPP loan that has either been or is expected to be forgiven and how to treat the expenses paid in 2021 on a Schedule C or a Schedule F where the owner has received a PPP loan.
  • Determine the deductibility of travel and entertainment expenses, inclduing qualified transportation fringe benefits and the deductibility of a meal provided by a restaurant.
  • Disucss the proposed changes to the §199A deduction.
  • Identify individuals likely to be affected by AMT.
  • Discuss capital gains and losses, sale of business property and Form 4797, sale of principal residence and like-kind exchanges using Form 8824.
  • Discuss marital dissolutions, including §1041 and the dependency exemption for minor children.
  • Describe filing requirements, including penalties and payments of estimated tax.
  • Calculate itemized deductions, including qualified residence interest, charitable contributions, and miscellaneous itemized deductions.
  • Explain the deductibility of losses, including passive activity losses, vacation homes, office in the home, and hobby losses.
  • Describe the tax effect of contributions to and distributions from qualified plans, including IRAs and penalty taxes.
  • Determine if income is subject to self-employment tax.
  • Describe when a Form 1099-NEC is required to be issued when payments are made for services associated with rental property listed on Schedule E.
  • Calculate common refundable/nonrefundable credits, including all changes made by the American Rescue Plan.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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