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1040 Tax Workshop - 2021 (Course Id 1789)

QAS / Registry / EA
1040 Tax Workshop - 2021

  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 205 ||| Review Questions: 200 ||| Final Exam Questions: 140
CPE Credits : 28.0
IRS Credits : 28
Price : $155.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1789

Description :

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

NOTE: For the 2021 tax year.

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-Feb-2021
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 :

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1789

Keywords : Taxes, 1040, Tax, Workshop, 2021, cpe, cpa, online course
Learning Objectives :
    To view Learning Objectives, please Click here.
Course Contents :

Chapter 1 - Individual Tax Elements

Federal Income Taxes: A Description

Application of U.S. Individual Income Tax

Gross Income

Adjusted Gross Income (AGI)

Taxable Income

Standard Deduction

Itemized Deduction

Personal Exemptions

Filing Status

Rates & Tax Liability

Tax Credits

Rates, Tables, & Statutory Amounts

Income Tax Rates - 1

Marriage Penalty - Mostly Gone

Standard Deduction - 63

Dependent Limit - 63(c)(5)

Personal Exemptions & Phaseout (Suspended) - 151

Limitation on Itemized Deductions - 68

Earned Income Tax Credit - 32

Disqualified Income - 32(i)

Means-Tested Programs

Social Security & Self-Employment Earnings Base

Standard Mileage Rate

Qualified Transportation Fringes

Passenger Automobile Depreciation Limits (CAPS)

Expensing Deduction - 179

Self-Employed Health Insurance Deduction

Corporate Income Tax Rates

1993 Through 2017:

2018 & Later: 21%

Withholding & Estimated Tax

Estimated Tax - 6654

Social Security, Medicare & FUTA (or Payroll) Taxes

FICA - 3111 & 3121

Temporary Employee OASDI Cut

SECA - 1401

Temporary Sole Employer OASDI Cut

Wage Base

Additional Hospital Insurance Tax On Certain High-Income Individuals

Final Regulations TD 9645

FUTA - 3301 & 3306

Filing Status

Marital Status

Single Taxpayers

Divorced Persons

Sham Divorce

Annulled Marriages

Married Taxpayers

Same-Sex Marriage

Marriage Penalty - Mostly Gone

Spouses Death

Married Persons Living Apart

Filing Jointly

Joint Liability

Innocent Spouse Exception

Nonresident Alien

Filing Separately

Special Rules

Joint Return after Separate Returns

Separate Returns after Joint Return


Head of Household


Requirements of 2(b)

Considered Unmarried

Keeping Up a Home

Qualifying Person


Qualifying Widow(er) With Dependent Child

Gross Income


Fringe Benefits

Rental Income

Advance Rent

Security Deposits

Payment for Canceling a Lease

Social Security Benefits

Taxability of Benefits

Alimony & Spousal Support

Restrictions & Requirements Prior to 2019

Pre-2019 Recapture

Child Support

Prizes & Awards - 74 & 274

Dividends & Distributions

Ordinary Dividends

Money Market Funds

Dividends on Capital Stock

Dividends Used to Buy More Stock

Qualified Dividends

Capital Gain Distributions

Undistributed Capital Gains

Form 2439

Basis Adjustment

Real Estate Investment Trusts (REITs)

Nontaxable Distributions

Return of Capital

Basis Adjustment

Liquidating Distributions

Distributions of Stock and Stock Rights

Taxable Stock Dividends and Stock Rights

Discharge of Debt Income

Exceptions from Income Inclusion

Reduction of Tax Attributes

Order of Reductions


Nonrecourse Indebtedness

Recourse Indebtedness

Mortgage Relief Act of 2007

Principal Residence

Qualified Principal Residence Indebtedness

Acquisition Indebtedness


Barter Exchange

Backup Withholding


Itemized Deduction Recoveries

Recovery Limited to Deduction

Recoveries Included in Income

Non-Itemized Deduction Recoveries

Amounts Recovered for Credits

Tax Benefit Rule

Children's Income

Earned Income - 73

Unearned Income

"Kiddie" Tax - 1(g)

Application, Threshold & Impact

Election to Report on Parents Return - 1(g)(7)(A) [Form 8814]

Election Situations


AMT Exemption for Children - 59(j)

Exclusions from Income

Educational Savings Bonds - 135

Income Exclusion



Notice 90-7

Education Expenses

Excludable Interest

Forms 8818 & 8815

Scholarships & Fellowships - 117


Work Learning Service Programs

Scholarship Prizes

Education Expenses

Education Assistance Programs - 127

Employer Educational Trusts - 83

Qualified Tuition Programs (QTP) - 529

Gift & Inheritance Exclusion

Subsequent Income


Business Gifts




Purchase for Value

Installment Payments

Specified Number of Installments

Specified Amount Payable

Installments for Life

Personal Injury Awards - 104

Personal Injury

Emotional Distress

Punitive Damages

Tax Benefit Rule - 111

Interest State & Local Obligations - 103

Foreign Earned Income Exclusion - 911

Nonbusiness & Personal Deductions

Itemized Deductions

Limitation on Itemized Deductions Suspended - 68

Personal & Dependency Exemptions Suspended - 151

Deemed Personal Exemption for Related Incorporating Provisions

Personal Exemptions

Dependency Exemptions

Dependency Before 2005

Dependency After 2004 & Before 2018 Suspension

Residency Test


Relationship Test

Age Test

Joint Return Prohibition


Phaseout of Exemptions

Interest Expense - 163

Personal Interest - 163(h)(1)



Investment Interest - 163(d)


Net Investment Income Limitation

Qualified Residence Interest - 163(h)(3) [Form 8598]



Acquisition Indebtedness Modified

Home Equity Indebtedness Restricted


Home Improvements


Alternative Minimum Tax Co-ordination


Home Purchase & Improvement Exception


Huntsman Case

Mortgage Interest Statement

Business Interest - 163(j)

Allocation of Interest Expense

Education Expenses

Work-Related Education Prior to 2018

Educational Transportation

Educational Travel

Meal Expenses

Work-Related Education After 2018

Higher Education Expense Deduction (Repealed) - 222

Dollar Limitation & Phase Out

Educator Expenses - 62

Medical Expense Deductions - 213 [Schedule A]

Items Deductible

Items Not Deductible

Medical Insurance Premiums

Medicare Part A

Medicare Part B

Medicare Part D

Prepaid Insurance Premiums

Meals & Lodging

Expenses of Transportation

Permanent Improvements

Spouses, Dependents & Others

Reimbursement of Expenses

Long-Term Care Provisions

Long-Term Care Payments - 7702B(d)(4)

Long-Term Care Premiums - 213(d)(10)

IRA Withdrawals for Certain Medical Expenses

ABLE Accounts - 529A


Charitable Contributions - 170 [Schedule A]

Requirements for Deductibility

Qualified Organizations

Limitations on Contributions

Five-year Carryover

Contributions of Cash

Benefits Received

Benefit Performances

Athletic Event Seating Rights Repealed

Raffle Tickets, Bingo, Etc.

Dues, Fees, or Assessments

Contribution of Property

Clothing & Household Goods

Ordinary Income or Short-Term Capital Gain Type Property


Capital Gain Type Property


Conservation Easements

Loss Type Property

Vehicle Donations

Fractional Interests

Other Types of Contributions

Charitable Distributions from IRAs - 408


Cash Contributions

Contributions Less Than $250

Contributions of $250 or More

Payroll Deduction Records

Noncash Contributions

Deductions of Less Than $250

Additional Records

Deductions of At Least $250 But Not More Than $500

Deductions Over $500 But Not Over $5,000

Deductions over $5,000

Contributions over $75 Made Partly for Goods or Services

Deduction for Taxes - 164 [Schedule A]

Income Taxes

Real Property Tax

Accrual Method Taxpayers

State & Local Sales Tax Deduction - 164

Personal Property Tax

Other Deductible Taxes

Examples of Non-Deductible Taxes

Casualty & Theft Losses Suspended - 165 [Schedule A]


Proof of Loss

Amount of Loss

Insurance & Other Reimbursements


Allocation for Mixed Use Property

2% Itemized Deductions Suspended - 67 [Schedule A]

Deductions - Subject to 2% Limit

Deductions Not Subject To 2% Limit

Nondeductible Expenses

Moving Expenses Suspended - 217

Distance Test

Time Test

Time Test for Employees

Time Test for Self-employment

Deductible Expenses

Travel Expenses

Travel by Car

Location of Move




Dependent Care Tax Credit - 21 [Form 2441]


Employment Related Expenses

Qualifying Out-of-the-home Expenses

Payments to Relatives

Allowable Amount

Dependent Care Assistance - 129


Earned Income Tax Credit - 32 [Form 1040]

Persons with Qualifying Children

Persons without a Qualifying Child



Disqualified Income - 32(i)

Means-Tested Programs

Adoption Credit - 23 & 137

Qualified Adoption Expenses

Exclusion from Income for Employer Reimbursements - 137

Child Tax Credit - 24

Credit Amount

Qualifying Child

$500 Credit for Certain Dependents - 24(h)(4)(A)


Refundable Child Care Credit Amount

AMT & Child Tax Credit

Hope & Lifetime Learning Credits - 25A

Lifetime Learning Credit - 25A(a)(1)

Phase Out - 25A(d)(2)

Hope (with American Opportunity modifications) Credit

Phase Out - 25A(d)(2)


Ministers & Military - 107


Rental Value of a Home

Members of Religious Orders

Military & Veterans

Wages - 61

Nontaxable Income - 134

Veterans Benefits - 134

Chapter 2 - Expenses, Deductions & Accounting

Landlord's Rental Expense

Reporting Rental Property Expenses (Repealed) - 6041

Repairs & Improvements



Repair Regulations - Reg. 1.263(a)-3


De Minimis Safe Harbor Election

Making the Safe Harbor Election

Analytical Framework for Repairs vs. Improvement

Alternatives To The Facts & Circumstances Analysis

Safe Harbor Election For Small Taxpayers

Safe Harbor For Routine Maintenance

Election To Capitalize Repair & Maintenance Costs

Change in Accounting Method & Form 3115

Salaries & Wages

Rental Payments for Property & Equipment

Insurance Premiums

Local Benefit Taxes & Service Charges

Travel & Local Transportation Expenses

Tax Return Preparation

Other Expenses

Tenant's Rental Expense

Rent Paid in Advance

Lease or Purchase

Determining the Intent

Taxes on Leased Property

Cash Method

Accrual Method

Cost of Acquiring a Lease

Option to Renew - 75% Rule

Cost of a Modification Agreement

Commissions, Bonuses, & Fees

Loss on Merchandise & Fixtures

Improved Leased Property

Construction Allowances Provided To Lessees - 110

Assignment of a Lease

Capitalizing Rent Expenses

Health Insurance Costs of Self-Employed Persons - 162(l) [Schedule C]

Requirements for Eligibility

Amount Deductible


Hobby Loss Rules - 183 [Schedule C]

Allowable Deductions

Limited Deductions

Profit Motive Presumptions

Special Rule for Horse Breeding

Other Factors

Self-Employment Taxes - 3111 & 3121

Home Office Deduction - 280A [Schedule C]


Deductible Expenses

Employee's Home Leased To Employer

Residential Phone Service


Room v. Square Footage

R.P. 2013-13 Safe Harbor


Expanded Principal Place of Business Definition

Business & Investment Credits

Business Credit Carryback & Carryforward Rules - 39(a)

NOL Comparison - 172

Travel & Entertainment

Travel Expenses

Determining a Tax Home - Travel Expenses

Tax Home

Regular Place of Abode in a Real & Substantial Sense

Two Work Locations

Temporary Assignment

Rigid One-Year Rule

Away From Home - Travel Expenses

Sleep & Rest Rule

Substantial Period

Business Purpose - Travel Expense

Categories of Expense

Travel Costs

Costs at Destination

All or Nothing


51/49 Rule

Foreign Business Travel

Personal Pleasure

Primarily Business

Full Deduction Exception

Limitations - Travel Expenses

Meals & Lodging

Domestic Conventions & Meetings

Foreign Conventions & Meetings

Cruise Ship Convention

Entertainment Expenses Repealed

Former Test #1 - "Directly Related"

Former Test #2 - "Associated With"

Statutory Exceptions Still Good - 274(e)

Expense for Spouses Of Out Of Town Business Guests

Entertainment Facilities

Home Entertainment Expenses

Business Meals

Percentage Reduction for Meals - 274(n)(1)

Eating Facilities


Ticket Purchases - Former Face Value Limit & Repeal

Former Exception for Charitable Sports Events

Skyboxes - Repealed

One Event Rule

Related Parties

Food & Beverages

Substantiation - 274(d)

Travel Expense Substantiation

Meal & Pre-2018 Entertainment Expense Substantiation

Business Gifts Expense Substantiation

Substantiation Methods

Adequate Records

Sufficiently Corroborated Statements

Exceptional Circumstances

Retention of Records

Exceptions to Substantiation Requirements

Employee Expense Reimbursement & Reporting

TRA '86 - Unreimbursed Expenses Become Itemized Deductions

Family Support Act - Reimbursement Without Accounting Is Income

Accountable Plans

Reasonable Period of Time

Fixed Date Safe Harbor - #1

Period Statement Safe Harbor - #2

Adequate Accounting

Per Diem Allowance Arrangements

Federal Per Diem Rate

Related Employer Restriction

Partial Days of Travel

Unproven or Unspent Per Diem Allowances

Reporting Per Diem Allowances

Reimbursement Not More Than Federal Rate

Reimbursement More Than Federal Rate

Nonaccountable Plans

Unreimbursed Employee Expenses

Local Transportation

Assignments within Work Area

Old Revenue Ruling 90-23 (Superseded)

Temporary Work Site Definition

Reserve Units

Revenue Ruling 99-7

Automobile Deductions

Eligible Expenses

Apportionment of Personal & Business Use

Actual Cost Method

Depreciation & Expensing

Placed in Service

Half-year Convention

Quarterly Convention Exception


Double Declining Balance Method

Depreciation "Caps"

Bonus (or Additional First-year) Depreciation - 168

$25,000 SUV Limit

Expensing Limit

Predominate Business Use Rule

Qualified Business Use

More Than 50% Use Test



ITC Recapture

Excess Depreciation Recapture

Leasing Restrictions

Standard Mileage Method


Alternating Use

Switching Methods

Charitable Transportation

Medical Transportation

Gas Guzzler Tax - 4064



Vehicles Not Subject To Tax

Fringe Benefits

Excluded Fringe Benefits

Prizes & Awards - 74

Group Life Insurance Premiums - 79

Personal Injury Payments - 104

Employer Contributions to Accident and Health Plans - 106 & 105

Partnerships & S Corporations - R.R. 91-26

Health Insurance & FICA - Announcement 92-16

Meals & Lodging - 119

Cafeteria Plans - 125

Educational Assistance Programs - 127

Dependent Care Assistance - 129

No-Additional-Cost Services - 132(b)

Qualified Employee Discounts - 132(c)

Working Condition Fringe Benefits - 132(d)

Transportation in Unsafe Areas - Reg.1.132-5(m)

De Minimis Fringe Benefits - 132(e)

Employer-Provided Automobile

Cents Per Mile Method

Commuting Value Method

Annual Lease Value Method

Methods of Accounting - 446

Cash Method

Constructive Receipt

Accrual Method

Advance Payments

Accrual Method Required

Other Methods of Accounting

Hybrid Methods

Long-Term Contracts - 460

Percentage of Completion

Percentage of Completion - Capitalized Cost Method

Look-back Rule

Uniform Capitalization - 263A

Annual Sales Limit

Artist Exception

Classification of Property


Self Constructed Assets

Allocation Method

Manufactured Products


Change in Accounting Method

Accounting Periods


Taxable Years

No Books Kept

New Taxpayer


S Corporations

Personal Service Corporations

C Corporations

Business Purpose Exception

Section 444 Election

Partnerships & S Corporations

Personal Service Corporations

Tiered Structures

Expensing - 179

Placed In Service

Qualifying Property

Section 1245 Property

Qualified Real Property

Property Used Primarily for Lodging

Purchase Restrictions

Deduction Limit

Maximum Dollar & Investment  Limits

Taxable Income Limit

Carryover of Unallowable Deduction

Married Taxpayers Filing Separate Returns

Passenger Automobiles


S Corporations




Revocation of Election

Figuring the Deduction

Recapture of 179 Deductions


Installment Sales

Depreciation & Cost Recovery - 167 & 168

Personal Property

ACRS - 168

Applicable Percentage

Straight-line Election



MACRS Conventions

Mid-quarter Convention Exception

Recapture - 1245

Bonus (or Additional First-year) Depreciation - 168

Qualified Property - 168(k)(2)

Depreciation Limits on Business Vehicles - 168(k)(2)(F)(iii)

Nonqualified Property

Real Property



Prior Law Leasehold Improvement, Retail Improvement & Restaurant Property - 168

Qualified 15-Year Leasehold Improvement Property - 168(e)(3)(E)(iv)

Qualified Leasehold Improvement Property

Qualified 15-Year Retail Improvement Property - 168(e)(E)(ix)

Qualified Retail Improvement Property

15-Year Restaurant Improvement Property - 168(e)(3)(E)(v)

Qualified Restaurant Property

Expensing & Bonus Depreciation Permitted

Expensing - 179

Bonus Depreciation - 168

Recapture Considerations - 1245 & 1250

Qualified Improvement Property - 2018 and Later - 168(e)(6)(A)

Recapture - 1250 & 1245

Section 1245

Full Recapture

Section 1250

Partial Recapture

MACRS Recapture Exception for Real Property

Alternative Depreciation System - 168(g)

Mandatory Application



Costs Eligible for Amortization

Trademarks & Trade Names - 167(r)

Methods & Periods for Amortization

Partnership & Corporate Organization Costs - 709 & 248

Business Start-Up Costs - 195

Depletion - 613

Other Assets

Chapter 3 - Property Transfers & Retirement Plans

Sales & Exchanges of Property

Sale or Lease


Capital Gains & Losses

Capital Assets - 1221

Capital Gains & Qualified Dividends Rate 1(h)

Holding Periods - (1222 & 1223)

Capital Losses - 1211

Business Property

Basis of Property

Basis Adjustments

Property Received as a Gift

Property Received by Inheritance

Changes in Property Usage

Stocks & Bonds

Sale of Personal Residence - 121

Two-Year Ownership & Use Requirements

Tacking of Prior Holding Period

Prorata Exception

Limitations on Exclusion

Reduced Home Sale Exclusion for Periods of Nonqualified Use


Nonqualified Use

Post-May 6, 1997 Depreciation

Surviving Spouse Home Sale Exclusion

Installment Sales - 453

General Rules

Dealer Sales

Unstated Interest

Related Parties - 453(e)

Disposition of Installment Notes - 453B

Determining Installment Income

Pledge Rule

Escrow Account

Depreciation Recapture

Like-Kind Exchange

Repossessions - 1038

Personal Property

Non- Installment Method Sales

Basis of Installment Obligation

Gain or Loss on Repossession

Installment Method Sales

Basis of Installment Obligation

Gain or Loss on Repossession

Basis of Repossessed Personal Property

Bad Debt

Real Property


Figuring Gain on Repossession

Limit on Taxable Gain

Repossession Costs

Indefinite Selling Price

Character of Gain

Basis of Repossessed Real Property

Holding Period for Resales

Bad Debt

Sellers Former Home Exception

Involuntary Conversions - 1033


Threat of Condemnation

Reports of Condemnation

Property Voluntarily Sold


Condemnation Award

Amounts Withheld From Award

Net Condemnation Award

Interest on Award

Payments to Relocate

Severance Damages

Treatment of Severance Damages

Expenses of Obtaining an Award

Special Assessment Withheld from Award

Severance Damages Included in Award

Gain or Loss from Condemnations

How to Figure Gain or Loss

Part Business or Part Rental

Postponement of Gain

Choosing to Postpone Gain

Cost Test

Replacement Period


Replacement Property Acquired Before the Condemnation


Time for assessing a deficiency

At-Risk Limits for Real Estate - 4655

Amount At Risk

Qualified Nonrecourse Financing

Taxpayers Affected

Closely Held Corporation

Qualified Corporation Exception

Partner & S CorporationSharehholders


S Corporation Shareholder

Section 1031 Like-Kind Exchanges

Statutory Requirements & Definitions

Qualified Transaction - Exchanges v. Sales

Held for Productive Use or investment

Investment Purpose

Statutory Exclusions from 1031

Like-Kind Property

Nature or Quality of Property

Like-Kind Status for Personal Property Repealed

Real v. Personal Property

The Concept of Boot

Realized Gain

Recognized Gain

Limitation on Recognition of Gain under 1031

The Definition of Boot

The Rules of Boot

Property Boot

Mortgage Boot

Netting Boot - The Rules of Offset

Property Boot Given Offsets Any Boot Received

Mortgage Boot Given Offsets Mortgage Boot Received

Mortgage Boot Given Does Not Offset Property Boot Received

Revenue Ruling 72-456 & Commissions

Gain or Loss on Boot

Basis on Tax-Deferred Exchange

Allocation of Basis

Installment Reporting of Boot

Exchanges Between Related Parties

Reporting an Exchange

Types of Exchanges

Two-Party Exchanges

Three-Party Alderson Exchange

Three-Party Baird Publishing Exchange

Delayed Exchanges

45-Day Rule

Method of Identification

180-Day Rule

Final Regulations for Delayed (Deferred) Exchanges

Deferred (Delayed) Exchange Definition

Identification Requirements

Identification & Exchange Periods

Method of Identification

Property Description


Substantial Receipt

Multiple Replacement Properties

Actual & Constructive Receipt Rule

Four Safe Harbors

Safe Harbor #1 - Security

Safe Harbor #2 - Escrow Accounts & Trusts

Safe Harbor #3 - Qualified Intermediary

Safe Harbor #4 - Interest

Exchanges of Partnership Interests

Retirement Plans

Qualified Deferred Compensation

Qualified v. Nonqualified Plans

Major Benefit

Current Deduction

Timing of Deductions

Part of Total Compensation

Compensation Base

Salary Reduction Amounts

Benefit Planning

Pension Protection Act of 2006

Corporate Plans





Employee Costs

Comparison with IRAs & Keoghs

Basic ERISA Provisions

ERISA Reporting Requirements

Fiduciary Responsibilities

Bonding Requirement

Prohibited Transactions

Additional Restrictions

Fiduciary Exceptions


Employer Securities

Excise Penalty Tax

PBGC Insurance

Sixty-Month Requirement

Recovery Against Employer

Termination Proceedings

Plans Exempt from PBGC Coverage

Basic Requirements of a Qualified Pension Plan

Written Plan





Exclusive Benefit of Employees

Highly Compensated Employees

Reversion of Trust Assets to Employer

Participation & Coverage

Age & Service


Percentage Test

Ratio Test

Average Benefits Test

Numerical Coverage

Related Employers


Full & Immediate Vesting

Minimum Vesting

Diversification Rights

Nondiscrimination Compliance

Contribution & Benefit Limits

Defined Benefit Plans (Annual Benefits Limitation) - 415

Defined Contribution Plans (Annual Addition Limitation) - 415

Limits on Deductible Contributions - 404

Assignment & Alienation

Miscellaneous Requirements

Basic Types of Corporate Plans

Defined Benefit


Defined Benefit Pension

Defined Contribution



Favorable Circumstances

Types of Defined Contribution Plans


Requirements for a Qualified Profit-sharing Plan

Written Plan


Deductible Contribution Limit

Substantial & Recurrent Rule

Money Purchase Pension

Cafeteria Compensation Plan

Thrift Plan

Section 401(k) Plans

Death Benefits

Defined Benefit Plans

Money Purchase Pension & Target Benefit Plans

Employee Contributions


Life Insurance in the Qualified Plan


Universal Life


Plan Terminations & Corporate Liquidations

10-Year Rule

Lump-Sum Distributions

Asset Dispositions

IRA Limitations

Self-Employed Plans - Keogh

Contribution Timing

Controlled Business

General Limitations

Effect of Incorporation


Parity with Corporate Plans

Figuring Retirement Plan Deductions For Self-Employed

Self-Employed Rate

Determining the Deduction

Individual Plans - IRAs

Deemed IRA



Special Spousal Participation Rule - 219(g)(1)

Spousal IRA


Contributions & Deductions

Employer Contributions

Retirement Vehicles

Distribution & Settlement Options

Life Annuity Exemption

Minimum Distributions

Required Minimum Distribution


Distributions during Owners Lifetime & Year of Death after RBD

Sole Beneficiary Spouse Who Is More Than 10 Years Younger

Distributions after Owners Death

Inherited IRAs - Pre-SECURE Act

Estate Tax Deduction

Charitable Distributions from IRAs - 408

Post-Retirement Tax Treatment of IRA Distributions

Income In Respect of a Decedent

Estate Tax Consequences

Losses on IRA Investments

Prohibited Transactions

Effect of Disqualification


Borrowing on an Annuity Contract

Tax-Free Rollovers

Rollover from One IRA to Another

Waiting Period between Rollovers

Partial Rollovers

Rollovers from Traditional IRAs into Qualified Plans

Rollovers of Distributions from Employer Plans

Withholding Requirement

Waiting Period between Rollovers

Conduit IRAs

Keogh Rollovers

Direct Rollovers from Retirement Plans to Roth IRAs

Rollovers of 457 Plans into Traditional IRAs

Rollovers of Traditional IRAs into 457 Plans

Rollovers of Traditional IRAs into 403(B) Plans

Rollovers from SIMPLE IRAs

Nonspouse Rollovers

Roth IRA - 408A


Contribution Limitation

Roth IRAs Only

Roth IRAs & Traditional IRAs


AGI Limit Exception Repealed



Taxation of Distributions

No Required Minimum Distributions

Simplified Employee Pension Plans (SEPs)

Contribution Limits & Taxation



Employee Limit

Other Qualified Plan

Set up

Contribution Limits

Salary Reduction Contributions

Employer Matching Contributions

Deduction of Contributions


SIMPLE 401(k) Plan

Chapter 4 - Losses, AMT & Compliance

Passive Losses

Prior Law

Passive Loss Rules


Active Losses


Calculating Passive Loss

Categories of Income & Loss



Material Participation

Self-Charged Interest Regulations

Passive Deduction - Portfolio Income


Suspension of Disallowed Losses

Fully Taxable Disposition

Abandonment & Worthlessness

Related Party Transactions



Increase Basis Election

Entire Interest


Grantor Trust

Other Transfers

Transfer By Reason Of Death - 469(g)(2)

Transfer by Gift - 469(j)(6)

Installment Sale - 469(g)(3)

Activity No Longer Treated As Passive Activity - 469(f)(1)

Closely Held To Nonclosely Held Corporation- 469(f)(2)

Nontaxable Transfer

Ordering of Losses

Capital Loss Limitation


Allocation of Suspended Losses

Taxpayers Affected

Noncorporate Taxpayers

Regular Closely Held Corporations

Personal Service Corporations


Real Estate Professionals


Facts & Circumstances Test

Relevant Factors

Rental Activities

Limited Partnership Activities

Partnership & S Corporation Activities



Partial Dispositions

Alternative Minimum Tax - 55


Tentative Minimum Tax

AMT Exemption Amounts - 55(d)

AMT Exemption Phaseout

Regular Tax Deduction - 55(c)

Tax Preferences & Adjustments

Preferences & Adjustments for All Taxpayers

Preferences & Adjustments for Noncorporate Taxpayers Only

Preferences & Adjustments for Corporations Only Prior to 2018

Adjustments - 56

Itemized Deductions

Medical Expenses




Alternative Depreciation System (ADS)

ADS Recovery Periods

Asset Placed in Service After 1998

Mining Exploration and Development Costs



Long-Term Contracts

Home Construction Contracts

Pollution Control Facilities

Installment Sales

Circulation Expenditures

Incentive Stock Options

Credit for Prior Year Minimum Tax & ISOs

Research & Experimental Expenditures

Passive Farm Losses


Loss Disallowance


Same Activity Suspension

Passive Activity Losses

Corporate Business Untaxed Reported Profits (Pre-1990)

Corporate ACE Adjustment (1990 to 2018)

Adjusted Current Earnings Regulations

Tax Preferences - 57


Intangible Drilling Costs

Excess Drilling Costs

Accelerated Depreciation

Real Property

Personal Property

Private Activity Bond Interest

Alternative Tax NOL Deduction

Carrybacks & Carryovers

Alternative Minimum Foreign Tax Credit

Foreign Tax Credit Carryback or Carryover

Tentative Minimum Tax

Minimum Tax Credit

Regular Income Tax Reduced

Carryforward of Credit

Other Credits


Reporting Requirements

Real Estate Transactions [Form - 1099S]

Independent Contractors

Cash Reporting [Form 8300]


Recipients Knowledge

Cash Reporting Rules - Attorneys

Sale of Certain Partnership Interests (Form 8308)

Tax Shelter Registration Number [Form 8271]

Asset Acquisition Statement [Form 8594]

Accuracy-Related Penalties


Substantial Understatement of Income Tax

Penalty on Carryover Year Return

Substantial Valuation Overstatements

Substantial Estate & Gift Tax Valuation Understatements

Final Regulations

Negligence or Disregard of Rules

Substantial Understatement Penalty

Adequate Disclosure

Information Reporting & Penalties - 6721 et al

Corrections Resulting in Reduced Penalties

Small Businesses

Reasonable Cause

Penalty for Unrealistic Position

Realistic Possibility Standard

Adequate Disclosure

Form 8275-R

Statute of Limitations for Assessments

Three Year Assessment Periods

Six-Year Assessment Period

No Statute Of Limitations

Extension of Statute Of Limitations

Examination of Returns

How Returns Are Selected

Arranging the Examination




Repeat Examinations

Changes to Return

Appealing Examination Findings

Appeals Office

Appeals to the Courts

Court Decisions

Recovering Litigation Expenses

Other Remedies

Claims for Refund

Cancellation of Penalties

Reduction of Interest



CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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