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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 95 ||| Review Questions: 27 ||| Final Exam Questions: 38 |
| CPE Credits : | 7.5 |
| IRS Credits : | 7 |
| Price : | $74.95 |
| Passing Score : | 70% |
| Course Type: | Text - IRS Enrolled Agents - Registered Tax Return Preparers |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 650 |
| Description : |
Each year, various limits affecting income tax return preparation and tax planning are affected by inflation-related changes. In addition, new tax laws come into being that may significantly affect taxpayersďż˝ income tax liability. This course will examine many of those changes.
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| Usage Rank : | 0 |
| Release : | 2014 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Advance Preparation : | None. |
| Delivery Method : | Self-Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 13-Aug-2014 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | Text - IRS Enrolled Agents - Registered Tax Return Preparers - 650 |
| Keywords : | |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
ďż˝ Calculate taxpayersďż˝ additional tax liability resulting from the Medicare tax, net investment income tax and individual shared responsibility payment; ďż˝ Recognize the federal income tax filing statuses and the criteria for their use; ďż˝ Identify the types of income that must be recognized; ďż˝ Apply the tax rules to the various credits and adjustments to income available to taxpayers; ďż˝ Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and ďż˝ Identify the e-file requirements that apply to tax return preparers. Domain 1
ďż˝ Identify the 2014 standard deduction and exemption amounts available to taxpayers; ďż˝ Calculate taxpayersďż˝ additional Medicare tax and net investment income tax; ďż˝ Recognize the federal tax and retirement plan requirements resulting from federal recognition of marriages between same-sex couples; ďż˝ Calculate the health insurance premium tax credit and the individually shared responsibility payment; and ďż˝ Recognize the federal income tax return due dates and the extensions of time available for filing. Domain 2
� Recognize the best practices to ensure obtaining correct names and Social Security numbers of taxpayers and dependents; � Identify the types of income that are taxable; � Apply the applicable rules to determine the amount of various benefits received by a taxpayer that must be included in income; � Calculate the amount of adjustments to a taxpayer�s income for student loan interest and tuition and fees paid; � Recognize the tax credits that may be available to a taxpayer; and � Identify the options available to a taxpayer to pay any tax due or obtain a tax refund. Domain 3
ďż˝ Apply the rules related to negotiating client refunds; ďż˝ List the earned income credit due diligence requirements; ďż˝ Understand the e-file requirements; and ďż˝ Recognize the requirements related to signing and furnishing identifying numbers on client returns and the penalties for failing to do so. |
| Course Contents : | Introduction to the Course Course Learning Objectives Domain 1 – New Tax Law/Recent Updates Introduction Domain 1 Learning Objectives Unreimbursed Medical Expense Deduction Threshold Increased Medical Expense Deduction Threshold Increased for Age 65 Taxpayers in 2017 Standard Deduction Increased Standard Deductions for Blind and Senior Unmarried Taxpayers Increased Standard Deduction Eligibility Exemption Amount Increased Personal Exemptions Dependent Exemptions Additional Medicare Tax Net Investment Income Tax Estates and Trusts Estimated Taxes Same Gender Marriage Filing Status Individuals must be Lawfully Married Under State Law State of Domicile not Controlling Same-Sex Spouses Subject to Usual Spousal Requirements Affordable Care Act Health Plan Requirements Refundable Tax Credits to Assist in Purchase of Qualified Health Plan Eligibility for Credit Federal Poverty Level Amount of the Credit Benchmark Plan Taxpayer’s Expected Contribution Household Income Calculating the Credit Adjusted Monthly Premium Special Rules Applicable to the Tax Credit Reconciling Advance Premium Tax Credits Additional Tax Limitation Individual Requirement to Maintain Health Coverage Penalty for Failure to Maintain Health Coverage Exemptions from Penalty for Failure to Maintain Health Coverage Federal Income Tax Return Filing Due Dates Calendar Year and Fiscal Year Taxpayers Extensions of Time to File Automatic Extension of Time to File Individuals Outside the United States Individuals Serving in a Combat Zone Domain 1 Review Domain 2 – General Income Tax Review Introduction Domain 2 Learning Objectives Part I – The Income Tax Return Determination of Filing Status Marital Status Divorced or Separated Taxpayers Annulled Marriage Married Death of a Spouse Single Married Filing Jointly Married Filing Separately Head of Household Qualifying Widow(er) With Dependent Child Correct Names and Social Security Numbers – Best Practices Claiming a Dependent Qualifying Child Qualifying Relative Relatives who Need Not Live with the Taxpayer Part I Review Part II – Earned Income Taxability of Wages, Salaries, Tips and Other Earnings Advance Commissions and Other Earnings Allowances and Reimbursements Back Pay Awards Bonuses and Awards Differential Wage Payments Government Cost of Living Allowances Nonqualified Deferred Compensation Plans Notes Received for Services Severance Pay Sick Pay Social Security and Medicare Taxes Paid by an Employer Stock Appreciation Rights Tip Income Self-Employment Income from Self-Employment Self-Employment Expenses Part II Review Part III – Interest, Dividends, Gains/Losses and Taxable Refunds, Credits and Offsets Interest Income Taxable Interest Nontaxable Interest Education Savings Bond Program State or Local Government Obligations Dividend Income Qualified Dividends Required Holding Period Qualified Foreign Corporation Not Qualified Dividends Capital Gains and Losses Short-Term and Long-Term Capital Gains and Losses Reporting Capital Gains and Losses IRS Form 8949, Sales and Other Dispositions of Capital Assets Schedule D Taxable Refunds, Credits, or Offsets of State and Local Taxes Part III Review Part IV – Social Security, Pension, IRA and Annuity Benefits Social Security Benefits Taxability of Benefits Reporting Taxable Distributions from IRAs, Pensions and Annuities Individual Retirement Arrangement Distributions Traditional IRA Distributions Premature Distributions Premature Distributions Avoiding Tax Penalty Pro-Rata Distribution of Non-Deductible Contributions Required Distributions during Owner’s Lifetime Required Minimum Distribution Amount Required Distributions at Owner’s Death Death Before an Owner’s Required Beginning Date Life Expectancy Rule Surviving Spouse’s Life Expectancy Rule Five-Year Rule Surviving Spouse’s Election Death On or After the Required Beginning Date Roth IRA Distributions Non-Qualified Distributions of Gain before 59 ˝ Subject to Tax Penalty No Required Lifetime Distributions Roth IRA Conversions & Transfers Roth IRA Death Benefit Distributions Life Expectancy Rule Surviving Spouse’s Life Expectancy Rule Five-Year Rule Surviving Spouse’s Election Qualified Retirement Plan Distributions Cost Basis in a Qualified Retirement Plan Lump Sum Plan Distributions Periodic Payment Distributions Fully Taxable Periodic Payments Partly Taxable Periodic Payments Figuring the Tax-Free Part of Periodic Payments – Simplified Method Figuring the Tax-Free Part of Periodic Payments – General Rule Early Distributions Required Minimum Distributions Plan Distributions of Non-Cash Assets Rollovers Distributions Ineligible for Rollover Direct and Indirect Rollovers Plan Loans Specific Repayment Term Required Substantially-Level Amortization Required Maximum Loan Amount Limited Loan Agreement Required Death Benefits Roth Account Distributions Qualified Roth Account Distributions Tax-Free Nonqualified Roth Account Distributions Given FIFO Tax Treatment Annuity Distributions Annuity Surrenders, Withdrawals and Loans Premature Distributions Amounts Received as an Annuity Fixed Annuities Variable Annuities Annuitant’s Death After Annuity Starting Date Contract Owner’s Death Before Annuity Starting Date Estate Taxation of Annuities Part IV Review Part V – Adjustments and Deductions Adjustments to Income Deductible Part of Self-Employment Taxes Student Loan Interest Deduction Qualified Student Loan Dependents for Student Loan Interest Deductions Exceptions to Usual Dependent Rules Reasonable Period of Time Eligible Student Qualified Education Expenses Eligible Educational Institution Adjustments to Qualified Education Expenses Amounts Included as Interest Amounts Not Included as Interest Eligibility to Claim the Deduction Determining the Student Loan Interest Deduction Income and Filing Status may Affect Student Loan Interest Deduction MAGI Defined for Student Loan Interest Deduction Student Loan Cancellations and Repayment Assistance Tax-Free Student Loan Cancellation Qualified Lenders Eligible Educational Institutions Refinanced Loans Tax-Free Student Loan Repayment Assistance Tuition and Fees Deduction Eligibility to Claim a Tuition and Fees Deduction Expenses Qualifying for a Tuition and Fees Deduction Qualified Education Expenses – Tuition and Fees Deduction Eligible Educational Institution Double Benefit Prohibited Adjustments to Qualified Education Expenses Tax-Free Educational Assistance Refunds Expenses That Do Not Qualify Eligible Students – Tuition and Fees Deduction Claiming a Dependent’s Expenses Expenses Paid By the Dependent Cannot be Claimed by Taxpayer Expenses Paid By Others Tuition Reductions Figuring the Tuition and Fees Deduction Claiming the Deduction Deduction Recapture Claiming the Standard Deduction Itemized Deductions State and Local Taxes State and Local Income Taxes State and Local General Sales Taxes Actual Sales Taxes Sales Tax Refunds Optional Sales Tax Tables Real Estate Taxes Mortgage Interest Points Charitable Contributions Limits on Charitable Contribution Deductibility Carryovers Contribution Records Part V Review Part VI – Tax Credits Earned Income Tax Credit Adjusted Gross Income Limits Valid Social Security Number Required Tax Filing Status Citizenship or Residency Foreign Earned Income Investment Income Earned Income EIC Rules That Apply Only if the Taxpayer Has a Qualifying Child Relationship, Age, Residence and Joint Return Tests The Relationship Test The Age Test Student Defined Permanently and Totally Disabled Defined The Residency Test Exception for U.S. Military Stationed Outside the U.S. The Joint Return Test Child Must Have Valid Social Security Number Qualifying Child of More than One Person Rule Tiebreaker Rules Qualifying Child of Another Taxpayer Rule EIC Rules That Apply if Taxpayer Does Not Have a Qualifying Child The Age Rule Death of Spouse During Year The Dependent of Another Person Rule The Qualifying Child of Another Taxpayer Rule The Main Home Rule Figuring the Amount of the Earned Income Credit Calculating Earned Income for EIC Purposes Taxpayers Not Self-Employed, Statutory Employees, Clergy or Church Employees Self-Employed Taxpayers, Statutory Employees, Clergy and Church Employees Due Diligence Requirements Eligibility Checklist – IRS Form 8867 Child Tax Credit and Additional Child Tax Credit Child Tax Credit Credit Limits Claiming the Credit Additional Child Tax Credit Child and Dependent Care Credit Eligible Care Recipients Limited to Qualifying Persons Eligible Taxpayers Education Credits American Opportunity Credit Eligibility to Claim an American Opportunity Credit Expenses Qualifying for an American Opportunity Credit Qualified Education Expenses - American Opportunity Credit Eligible Educational Institution Double Benefit Prohibited Adjustments to Qualified Education Expenses Tax-Free Educational Assistance Refunds Expenses That Do Not Qualify Eligible Students – American Opportunity Credit Claiming a Dependent’s Expenses Expenses Paid By The Dependent Expenses Paid By Others Tuition Reductions Tuition Reductions For Undergraduate Level Education Tuition Reductions For Graduate Level Education Figuring the American Opportunity Credit Maximum American Opportunity Credit Subject to Income Limits/Filing Status Refundable Part of the American Opportunity Credit Credit Recapture Lifetime Learning Credit Eligibility to Claim a Lifetime Learning Credit Expenses Qualifying for a Lifetime Learning Credit Qualified Education Expenses – Lifetime Learning Credit Eligible Educational Institution Double Benefit Prohibited Adjustments to Qualified Education Expenses Tax-Free Educational Assistance Refunds Expenses That Do Not Qualify Eligible Students – Lifetime Learning Credit Claiming a Dependent’s Expenses Expenses Paid By The Dependent Expenses Paid By Others Tuition Reductions Tuition Reductions For Undergraduate Level Education Tuition Reductions For Graduate Level Education Figuring the Lifetime Learning Credit Maximum Lifetime Learning Credit Subject to Income Limits/Filing Status Lifetime Learning Credit Recapture Part VI Review Part VII – Tax Payments and Refunds Tax Withholding and Estimated Tax Payments Tax Withholding Form W-4 Exemption from Withholding Penalties Withholding from Nonwage Income Estimated Tax Requirement to Pay Estimated Tax Payment and Refund Options Payment of Income Tax Owed Refunds Part VII Review Domain 3 – Ethics, Practices & Procedures Introduction Domain 3 Learning Objectives Negligent or Intentional Disregard and Willful Understatement of Liability Prohibition on Negotiation of Client Refund Checks Earned Income Credit Due Diligence Requirement to Give Taxpayer a Copy of Return Requirement to Retain a Copy of Return Compliance with E-file Procedures Affected Tax Return Preparers Timing of Taxpayer Signature Timing of Filing Recordkeeping Prohibited Filing with Pay Stub Proper Handling of Rejects Tax Return Preparers Required to Sign Returns Tax Return Preparers Required to Furnish Identifying Number Domain 3 Review Glossary |
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