Overview

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day update course focusing on individual income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current Federal individual income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to be up to speed quickly and have a successful Federal individual income tax filing season.

Learning Objectives

Once participants have completed this session, they should be able to:

• Understand the major Federal income tax laws impacting individuals

• Identify and comprehend any newly enacted legislation, changes and IRS guidance affecting individual income tax returns

Course Highlights

• Discuss the most recent individual income tax legislation passed to date 

• Review numerous individual income tax provisions related to business (i.e., sole proprietors and owners in pass through entities) including but not limited to the 20% qualified business income (QBI) deduction, §461(l) business loss limitations, §163(j) interest deduction limitations and depreciation.

• Cover issues related and any changes to the various taxes (i.e., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)

• Brush up on other topics such as income filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income, rentals, passive activity rules and individual income tax credits (e.g., child tax credit and dependent care credit)

• Walk through the NEW final required minimum distribution (RMD) regulations

• Look at any changes to the Form 1040 and other related schedules and forms