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Course Details

1040 Tax Workshop - 2024, with updates for 2023 (Course Id 2212)

QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 242 ||| Word Count: 12,2602 ||| Review Questions: 150 ||| Final Exam Questions: 123
CPE Credits : 24.5
IRS Credits : 24
Price : $147.50
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2212

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 an 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.

Please Note: This course covers tax issues applicable to 2023 income reported in the 2024 tax season.

 

Usage Rank : 79167
Release : 2024
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-Jan-2024
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 - NASBA Registry - IRS Enrolled Agents - 2212

Keywords : Taxes, 1040, Tax, Workshop, 2024, cpe, cpa, online course
Learning Objectives :

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 1                Individual Tax Elements

       At the start of Chapter 1, participants should identify the following major topics for study:

    * Tax rates and tables
    * Filing status
    * Gross income
    * Dividends and distributions
    * Discharge of debt income
    * Exclusions from income
    * Nonbusiness and personal deductions
    * Education and medical expenses
    * Casualty and theft losses
    * Tax credits
Learning Objectives:

       After reading Chapter 1, participants will be able to:
    1. Identify federal revenue tax sources citing the definitive role of gross income and, determine a client’s tax liability using current rates, tables, exemptions, statutory amounts, and their withholding and/or estimated tax responsibility.
    2. Specify the various filing statuses and their filing requirements recognizing the advantages and disadvantages of each.
    3. Determine what constitutes gross income under §61 stating the tax treatment of fringe benefits, rental income, prizes, and awards, and specify how debt discharge and foreclosure can result in taxable income.
    4. Identify the mechanics of income exclusions such as education-related exclusions, insurance, and personal injury awards.
    5. Recognize income tax deductions and their use to reduce tax liability by identifying interest related to businesses. investments, qualified residences, and deductions for medical expenses, charitable contributions, casualty losses, and moving expenses.
    6. Determine distinctions among several types of tax credits for children and education identifying amounts and eligibility requirements.
ASSIGNMENT       SUBJECT
Chapter 2                Expenses, Deductions & Accounting

       At the start of Chapter 2, participants should identify the following major topics for study:

    * Landlord’s rental expenses
    * Health insurance costs
    * Home office deduction
    * Travel and entertainment expenses
    * Employee expense reimbursement and reporting
    * Automobile deductions
    * Fringe benefits
    * Methods of accounting
    * Expensing and depreciation
    * Amortization
Learning Objectives:

       After reading Chapter 2, participants will be able to:
    1. Recognize the tax treatment of rental property expenses specifying their impact on landlords and tenants taking into consideration the tax differences given to rent, insurance, tax preparation fees, property taxes, and purchased leases.
    2. Identify the application of the hobby loss rules to a business, determine deductible expenses, recognize the requirements of the home-office deduction, and specify self-employment taxes.
    3. Determine how to properly deduct travel by identifying deductible domestic and foreign business travel expenses, a taxpayer’s tax home, if any, and work locations; specify the “away from home” and convention rules; and define the adequate substantiation methods.
    4. Differentiate accountable and nonaccountable plans including the requirements for an accountable plan particularly adequate accounting using per diem rates for non- related employees.
    5. Determine what constitutes local personal commuting and deductible travel to temporary work sites.
    6. Identify the apportionment of automobile expenses between personal and business use, the actual cost and standard mileage methods, depreciation, expensing, and the gas guzzler tax.
    7. Specify the various types of excluded fringe benefits that can increase employers’ deductions and incentive-based compensation of employees listing examples of each.
    8. Recognize the cash, accrual, and other methods of accounting, select available accounting periods specifying their impact on income and expenses and identify expensing depreciation, and amortization.
ASSIGNMENT       SUBJECT
Chapter 3                Property Transfers & Retirement Plans

       At the start of Chapter 3, participants should identify the following major topics for study:

    * Sales and exchanges of property
    * Home sale exclusion
    * Installment sales
    * Repossession
    * Involuntary conversions
    * At-risk rules
    * Like-kind exchanges
    * Retirement plans
Learning Objectives:

       After reading Chapter 3, participants will be able to:
    1. Specify the tax consequences on the sale of easements and the holding period and basis of inherited property.
    2. Identify the application elements of the §121 home sale exclusion specifying the ownership and use requirements.
    3. Recognize the §453 installment method requirements, the residential lot exception, and the pledging rule limitation.
    4. Identify the elements necessary for a §1038 repossession, the different rules for real property and personal property repossessions, and calculating basis and gain on repossession.
    5. Specify the tax treatment of a §1033 involuntary conversion on condemnation or threat of condemnation; differentiate between condemnation awards and severance damages; and identify replacement periods needed to postpone gain.
    6. Recognize the scope of the §465 at-risk rules and their effect on property depreciation, and identify the requirements, taxation, and types of §1031 like-kind exchanges.
    7. Identify planning considerations for benefit planning and funding a qualified retirement plan; determine the compensation base used for funding calculations and the impact of PBGC insurance in assuring benefits.
    8. Identify the requirements of the basic forms of qualified pension plans permitting clients to compare and contrast such plans.
    9. Differentiate defined contribution and defined benefit plans; specify the types of defined contribution plans particularly Keogh plans and IRAs identifying their effect on retirement benefits.
    10. Identify how self-employed plans differ from qualified plans for other business types and owners; and specify the requirements of IRAs and the Roth IRAs recognizing their contribution, rollover, and RMD requirements and restrictions.
    11. Determine what constitutes SEPs and SIMPLEs recognizing the mechanics and eligibility requirements of each type of plan.
ASSIGNMENT       SUBJECT
Chapter 4                Losses, AMT & Compliance

       At the start of Chapter 4, participants should identify the following major topics for study:

    * Passive loss rules
    * Suspension of disallowed losses under §469
    * Computing the alternative minimum tax
    * Minimum AMT tax credit
    * Reporting compliance rules and provisions
    * Accuracy related penalties
    * Information reporting penalty final regulations
    * Penalty for unrealistic position
    * Statute of limitations for assessments
    * Examination of returns
Learning Objectives:

       After reading Chapter 4, participants will be able to:
    1. Identify how the passive loss rules limit the ability to take deductions, what transactions free disallowed losses, how suspended losses are carried forward, and when real estate professionals can escape the passive lost rules.
    2. Specify differences between the regular and alternative minimum tax recognizing the impact of tax preferences and adjustments.
    3. Identify the reporting requirements for employers, real estate transactions, independent contractors, and cash reporting.
    4. Recognize types of accuracy-related and valuation overstatement penalties including the substantial authority defense for reporting positions, and specify the IRS's examination of returns policy and assessment process including applicable statute of limitations.
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)

Exemptions & Phaseout (Suspended) - §151

Itemized Deductions Subject to 2% AGI Limit - §68

Earned Income Tax Credit - §32

Disqualified (Excessive Investment) 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 - §3101, §3111 & §3121

SECA - §1401

Wage Base

Additional Hospital Insurance Tax On Certain High-Income Individuals

FUTA - §3301 & §3306

Employee Retention Credit Moratorium - §3111

Filing Status

Marital Status

Single Taxpayers

Divorced Persons

Sham Divorce

Annulled Marriages

Married Taxpayers

Spouse’s 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

Exception

Head of Household

Advantages

Requirements of §2(b)

Considered Unmarried

Keeping Up a Home

Qualifying Person

Summary

Qualifying Widow(er) With Dependent Child

Gross Income

Compensation

Fringe Benefits

Rental Income

Advance Rent

Security Deposits

Payment for Canceling a Lease

Social Security Benefits

Taxability of Benefits – Old & New Blended Application

Alimony & Spousal Support

Alimony Restrictions & Requirements

Pre 2019 Decrees

2019 & Later Decrees

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

Foreclosure

Nonrecourse Indebtedness

Recourse Indebtedness

Residential Mortgage Debt Relief - §108

Bartering

Barter Exchange

Backup Withholding

Recoveries

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 - §63, §73 & §6012

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

Definitions

AMT Exemption for Children - §59(j)

Exclusions from Income

Educational Savings Bonds - §135

Income Exclusion

Limitation

MAGI

Notice 90-7

Education Expenses

Excludable Interest

Forms 8818 & 8815

Scholarships & Fellowships - §117

Definitions

Work Learning Service Programs - §117(c)(2)(C)

Scholarship Prizes

Education Expenses

Education Assistance Programs - §127

Employer Educational Trusts - §83

Qualified Tuition Programs (QTP) - §529

Gift & Inheritance Exclusion - §2503

Subsequent Income - §61

Divorce - §1041

Business Gifts - §274(b)(1)

Nominal Transfers to Employees - §132(e)

Insurance - §101(a)

Exceptions

Purchase for Value Inclusion - §101(a)(2)

Installment Payments - §61

Specified Number of Installments

Specified Amount Payable

Installments for Life

Personal Injury Awards - §104

Personal Injury

Emotional Distress or Mental Anguish

Lost Wages or Lost Profits

Punitive Damages

Interest on a Personal Injury Award

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

Former Personal Exemptions

Former Dependency Exemptions

Former Phaseout of Exemptions

Interest Expense - §163

Personal Interest - §163(h)(1)

Definition

Deductibility

Investment Interest - §163(d)

Definitions

Net Investment Income Limitation

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

Definitions

Limitations

Acquisition Indebtedness Modified

Home Equity Loan

Refinancing

Home Improvements

Timing – 24 Months or 90 Days

Alternative Minimum Tax Co-ordination - §55

Points - §461

Home Purchase & Improvement Exception

Refinancing

Huntsman Case

Mortgage Interest Statement – Form 1098

Business Interest - §163(j)

Allocation of Interest Expense

Education Expenses

Work-Related Education

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

Transportation Expenses

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 – 72(t)(2)(B)

ABLE Accounts - §529A

Eligible Individual

Qualified ABLE Program

Contributions

Investment Direction

Distributions

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

Raffle Tickets, Bingo, Etc.

Dues, Fees, or Assessments

Contribution of Property

Clothing & Household Goods

Ordinary Income or Short-Term Capital Gain Type Property

Exception

Capital Gain Type Property

Exceptions

Conservation Easements - §170(b)

Loss Type Property

Vehicle Donations

Fractional Interests

Other Types of Contributions

Qualified Charitable Distributions from IRAs - §408(d)(8)(A)

Substantiation - §170

Cash Contributions

Contributions Less Than $250 - §170

Contributions of $250 or More - §170(f)(8)(A)

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

State and Local Tax (SALT) Deduction - §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]

Definitions

Proof of Loss

Amount of Loss

Insurance & Other Reimbursements

Limitations

Allocation for Mixed Use Property

2% Itemized Deductions Suspended - §67 [Schedule A]

Moving Expense Deduction Suspended - §217

Credits

Child or Dependent Care Tax Credit - §21 [Form 2441]

Eligibility

Employment Related Expenses

Qualifying Out-of-the-home Expenses

Payments to Relatives

Allowable Amount

Dependent Care Assistance - §129

Reporting

Earned Income Tax Credit - §32 [Form 1040]

Adoption Credit - §23 & §137

Qualified Adoption Expenses

Exclusion from Income for Employer Reimbursements - §137

Child Tax Credit - §24

Credit Amount

Qualifying Child

Phase-out

Refundable Child Care Credit Amount

AMT & Child Tax Credit

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

American Opportunity Tax (former Hope) & Lifetime Learning Credits - §25A

American Opportunity Tax Credit - §25A(b)(1)

Phase Out - §25A(d)(2)

Refundable Portion

Lifetime Learning Credit - §25A(a)(1)

Phase Out - §25A(d)(2)

Ministers & Military - §107

Clergy

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 Rental Expenses -  Schedule E

Repairs Versus Improvements

Repairs - §162

Improvements - §263(a)(1)

Final Repair Regulations - Reg. §1.263(a)-3

Application

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

Salaries & Wages - §162

Rental Payments for Property & Equipment - §162

Insurance Premiums

Local Benefit Taxes & Service Charges

Travel & Local Transportation Expenses

Tax Return Preparation

Other Expenses

Tenant Rental Expense - §162

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]

Requirements

Deductible Expenses

Employee's Home Leased To Employer

Calculation

Allocation

Depreciation

Limitations

Principal Place of Business

Administrative or Management Activities

A&M Activities Performed at Other Locations

A&M Definition

Place To Meet Patients, Clients, or Customers

Separate Structure

Storage of inventory or product samples.

Business & Investment Credits

Business Credit Carryback & Carryforward Rules - §39(a)

NOL Comparison - §172

Travel & Entertainment

Travel Expenses

Determining a Tax Home

Regular Place of Abode in a Real & Substantial Sense

Two Work Locations

Temporary Assignment

One-Year Expectation Rule

Away From Home - Travel Expenses

Sleep or Rest

Substantial Period

Business Purpose - Travel & At Destination Expenses

Categories of Expense

Travel Costs to and from the Destination

Costs at Destination

All or Nothing

Time

51/49 Rule for Domestic Travel

Foreign Business Travel

Personal Pleasure

Primarily Business

Counting Business Days

Calculation of Deductible Amount

Travel Considered Entirely for Business

Limitations - Travel Expenses

Meals & Lodging

Domestic Conventions & Meetings

Foreign Conventions & Meetings

Cruise Ship Convention

Entertainment Activities & Facilities Deduction Repealed - §274

Facilities

Final Regulations on Meal & Entertainment Deductions - TD 9925

Exceptions to Disallowance  - §274(e)

Business Meals

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

Eating Facilities

Exceptions

Substantiation - §274(d)

Travel Expense Substantiation

Meal 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

Unreimbursed Employee Expenses

Reimbursed Employee Expenses

Accountable Plans

Business Connection

Reasonable Period of Time

Fixed Date Safe Harbor - #1

Periodic Statement Safe Harbor - #2

Adequate Accounting

Per Diem Allowance Arrangements

Nonaccountable Plans

Local Transportation

Commuting Expenses

Miscellaneous Personal Usages & Items

Transportation to Temporary Work Locations

Temporary Work Location

Transportation When Residence is Principle Place of Business

No Regular Place of Work

Two Places of Work

Automobile Deductions & Credits

Record Keeping

Apportionment of Personal & Business Use

Actual Cost Method

Eligible Expenses

Depreciation & Expensing

Placed in Service

Half-year Convention

Quarterly Convention

MACRS

200% Declining Balance Method

150% Declining Balance Method

Vehicle Depreciation “Caps” - §280F(a)

Vehicle Bonus (or Additional First-year) Depreciation - §168(k)

$25,000 SUV Limit - §179(b)(5)(A)

Expensing Limit

Standard Mileage Method

Choosing the Standard Mileage Method

Limitations

Alternating Use

Switching Methods

Mileage Rates

Leased Auto Deduction & Inclusion Amount

Clean Vehicle Credit - §30D

Credit Amount

Battery Components Requirement - §30D(b)(3) & §30D(e)(2)(A)

Critical Minerals Requirement - §30D(b)(2) & §30D(e)(1)(A)

Credit for Used Clean Vehicles - §25E

Transfer to Dealership – R.P. 2023-33

Gas Guzzler Tax - §4064 [Form 6197]

Automobiles

Limousines

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

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(a)(4)

Employer-Provided Automobile

General Valuation Rule

Cents-Per -Mile Method

Commuting Value Method

Annual Lease Value Method

Methods of Accounting - §446

Cash Method

Constructive Receipt - §451

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 Rules - §263A

Annual Sales Limit

Artist Exception

Classification of Property

Costs

Self Constructed Assets

Allocation Method

Manufactured Products

Interest

Change in Accounting Method – Form 3115

Accounting Periods

Definitions

No Books Kept

New Taxpayer

Partnership

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

Eligible §1245 Property

Qualified §179 Real Property

Purchase Restrictions

Deduction Limit

Maximum Dollar & Investment  Limits

Taxable Income Limit

Carryover of Unallowable Deduction

Partnerships

S Corporations

Cost

Election

Records

Revocation of Election

Recapture of §179 Deductions

Dispositions

Installment Sales

Depreciation & Cost Recovery - §167 & §168

Personal Property

MACRS

Elections

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

Tables

Real Property

MACRS

Qualified Improvement Property - §168(e)(6)(A)

Recovery Period & Depreciation Method - §168(b)(3)(G)

Qualified Improvement Property - §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

Method

Amortization

Costs Eligible for Amortization

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

Conditional Sales Contract or Lease

Easements

Capital Gains & Losses

Capital Assets - §1221

Capital Gains & Qualified Dividends Rate – §1(h)

Holding Periods - (§1222 & §1223)

Capital Losses - §1211

Business Property - §1231

Basis of Property

Adjusted Basis

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

Prorata Exception

Limitations & Criteria on Exclusion

Reduced Home Sale Exclusion for Periods of Nonqualified Use

Computation

Nonqualified Use

Post-May 6, 1997 Depreciation

Surviving Spouse Home Sale Exclusion

Installment Sales - §453

General Rules

Dealer Sales

Unstated Interest

Related Party Two-Year Rule - §453(e)

Disposition of Installment Notes - §453B

Determining Installment Income

Pledging 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 - §453

Basis of Installment Obligation

Gain or Loss on Repossession

Basis of Repossessed Personal Property

Bad Debt

Real Property

Conditions

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

Seller’s Former Home Exception

Involuntary Conversions - §1033

Condemnations

Threat of Condemnation

Reports of Condemnation

Property Voluntarily Sold

Easements

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

Condemnation

Replacement Property Acquired Before the Condemnation

Extension

Time for assessing a deficiency

At-Risk Limits for Real Estate - §465 [Form 6198]

Amount At Risk

Qualified Nonrecourse Financing

Qualified Person

Taxpayers Affected

Closely Held Corporation

Qualified Corporation Exception

Partner & S CorporationSharehholders

Partner

S Corporation Shareholder

Like-Kind Exchanges - §1031 [Form 8824]

Statutory Requirements & Definitions

Qualified Transaction - Exchanges v. Sales

Held for Productive Use or investment

Statutory Exclusions from §1031

Like-Kind 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

Gain or Loss on Boot

Basis on Tax-Deferred Exchange

Allocation of Basis

Installment Reporting of Boot - §453(f)(6)

Exchanges Between Related Parties

Reporting an Exchange

Types of Exchanges

Two-Party Exchanges

Multiple-Party Exchanges

Delayed (or Deferred) Exchanges

Time Requirements

Qualified Intermediary

Disqualified Person

Retirement Plans

Qualified Deferred Compensation

Qualified v. Nonqualified Plans

Major Benefit

Current Deduction

Timing of Deductions

Part of Total Compensation

Compensation Base

ERISA Regulatory Requirements & PBGC Insurance

Basic ERISA Provisions

Fiduciary Responsibilities

Bonding Requirement

Prohibited Transactions

Additional Restrictions

Loans

Employer Securities

Excise Penalty Tax

PBGC Insurance

Sixty-Month Requirement

Plans Exempt from PBGC Coverage

Basic Requirements for a Qualified Retirement Plan

Written Plan

Trust

Permanency

Exclusive Benefit of Employees

Reversion of Trust Assets to Employer

Participation & Coverage

Age & Service

Coverage

Vesting

Minimum Vesting

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

Types of Qualified Retirement Plans

Defined Benefit  Plans

Defined Contribution Plans

Types of Defined Contribution Plans

Profit-sharing

Money Purchase Pension

Section 401(k) Plans

Self-Employed Keogh or HR10 Plan

Self-Employed Rate

Determining the Deduction

Individual Retirement Accounts - IRAs

Employer IRA

10% Distribution Penalty

Simplified Employee Pension Plans (SEPs)

SIMPLE Plans

SIMPLE IRA Plan

SIMPLE §401(k) Plan

Roth IRA - §408A

Required Minimum Distributions (RMDs)

Calculating RMDs

Designated Beneficiary

Date the Designated Beneficiary Is Determined

Required Minimum Distributions during Owner’s Lifetime

Sole Beneficiary Spouse Who Is More Than 10 Years Younger

Required Minimum Distributions in Year of the Owner's Death

Distributions after Owner’s Death to Beneficiaries – “10-year Rule”

Stretching  Required Distributions

Beneficiary Is an Individual - Designated Beneficiary Exists

Multiple Individual Beneficiaries

SurvingSpouse Sole Designated Beneficiary

Non-Spouse Beneficiary

Beneficiary Is Not an Individual - No Designated Beneficiary

Trust as Beneficiary

Conduit Trusts

Accumulation Trusts

Estate Tax Deduction

Post-Retirement Tax Treatment of Distributions

Divorce

Losses on IRA Investments

Estate Tax Consequences

Income In Respect of a Decedent

Tax-Free Rollovers

Penalty Tax on Premature Distributions

Prohibited Rollovers - §402(c)

Waiting Period Between Rollovers

Partial Rollovers

Withholding Requirement

Conduit IRAs

Miscellaneous  Rollovers

Contribution Limits

Defined Benefit Plans - §415(b)(1)(A)

Defined Contribution Plans - § 415(c)(1)(A)

Compensation Limit - §401, §404 & §408

IRA Contribution Limit - §219

Catch-up Contribution - §219(b)(5)(B)

IRA AGI Phaseout Limits - §219

Individual Taxpayer is an Active Plan Participant

Spouse is an Active Plan Participant

Roth Contribution Limit - §408A(c)(2) & §219

Roth AGI Phaseout Limits - §408A(c)(3)

§401(k), §403(b) & §457 Elective Deferral & Catch-up Limits

Roth Treatment of Catch-up Contributions – Secure Act §603

“Rothification” Rules

SIMPLE Plans

Simplified Employee Pensions (SEPs)

Contribution Limit

Compensation Limit

Chapter 4 - Losses, AMT & Compliance

Passive Losses

Prior Law

Passive Loss Rules - §469

Application

Active Losses

Credits - §469(a)(1)(B)

Calculating Passive Loss

Categories of Income & Loss

Passive - §469(c)

Portfolio - §§469(e)(1)(A) & (B)

Material Participation - §469(h)(1)

Self-Charged Interest Regulations?***

Passive Deduction - Portfolio Income

Regulations

Suspension of Disallowed Losses - §§469(g) & (b)

Fully Taxable Disposition

Abandonment & Worthlessness

Related Party Transactions - §469(g)(1)(B)

Credits

Disallowance

Increase Basis Election - §469(j)(9)

Entire Interest

Partnership

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 on Disposition of an Entire Interest - §469(g)

Capital Loss Limitation - §1211

Carryforwards - §469(b)

Allocation of Suspended Losses - §469(j)(4)

Taxpayers Affected - §469(a)(2)

Noncorporate Taxpayers

Regular Closely Held Corporations

Personal Service Corporations

Definition

Real Estate Professionals - §469(c)(7)

Activities – Reg. §1.469-4

Facts & Circumstances Test – Reg. §1.469-4(c)(2)

Relevant Factors

Rental Activities - Reg. §1.469-4(d)(1)

Limited Partnership Activities - Reg. §1.469-4(d)(3)

Partnership & S Corporation Activities - Reg. §1.469-4(d)(5)

Consistency - Reg. §1.469-4(e)

Regrouping - Reg. §1.469-4(e)(2)

Partial Dispositions - Reg. §1.469-4(g)

Alternative Minimum Tax - §55

Computation

Tentative Minimum Tax

AMT Exemption Amounts - §55(d)

AMT Exemption Phaseout - §55(d) & §59(j)

Regular Tax Deduction - §55(c)

Tax Preferences & Adjustments - §§56 & 57

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

Taxes

Interest

Depreciation Adjustment

Alternative Depreciation System (ADS)

ADS Recovery Periods

AMT Recovery Periods Conformed to Regular Recovery Periods

Mining Exploration and Development Costs - §56(a)(2)

Basis

Long-Term Contracts - §56(a)(3)

Home Construction Contracts

Pollution Control Facilities - §56(a)(5)

Installment Sales

Circulation Expenditures - §56(b)(2)

Research & Experimental Expenditures - §56(b)(2)

Incentive Stock Options - §56(b)(3)

Passive Farm Losses - §58(a)(2)

Definition

Loss Disallowance

Allocation

Same Activity Suspension

Passive Activity Losses

Former Corporate Untaxed Reported Profits & ACE Adjustments

Tax Preferences - §57

Depletion - §57(a)(1)

Intangible Drilling Costs- §57(a)(2)

Excess Drilling Costs

Private Activity Bond Interest- §57(a)(5)(C)

Alternative Tax NOL Deduction - §56(a)(4)

Carrybacks & Carryovers - §172

Alternative Minimum Foreign Tax Credit - §59

Foreign Tax Credit Carryback or Carryover - §904(c)

Tentative Minimum Tax

Minimum Tax Credit - §53

Regular Income Tax Reduced

Carryforward of Credit

Other Credits

AMT for Large Corporations - §55

Adjusted Financial Statement Income

Application of Tax

Compliance

Reporting Requirements

Real Estate Transactions [Form - 1099S]

Sales of a Principal Residence

Wage and Tax Statement [Form W-2]

Nonemployee Compensation [1099-NEC]

Employee Status

Miscellaneous Information [Form 1099-MISC]

Payment Card & Third Party Network Transactions [Form 1099-K]

Interest Income [Form 1099-INT]

Dividends and Distributions [Form 1099-DIV]

Payments from Qualified Education Programs [Form 1099-Q]

Distributions From Retirement Plans [Form 1099-R]

Mortgage Interest Statement [Form 1098]

Cash Reporting – §6050I [Form 8300]

Notification Statement

Definitions

Exceptions

Recipient’s Knowledge

Cash Reporting Rules - Attorneys

Sale of Certain Partnership Interests - §751(a) [Form 8308]

Tax Shelter Registration Number - §6111 [Form 8271]

Asset Acquisition Statement  - §1060 [Form 8594]

Accuracy-Related Penalties - §6662

Negligence or Disregard - §6662(b)(1)

Adequate Disclosure

Penalty

Substantial Understatement of Income Tax - §6662(d)

Adequate Disclosure

Penalty

Substantial Valuation Misstatement - §6662(e)

Penalty

Substantial Overstatement of Pension Liabilities - §6662(f)

Penalty

Substantial Estate & Gift Tax Valuation Understatement - §6662(g)

Penalty

Understatement Due to Unreasonable Position - §6694(a)

Reasonable Position – “More Likely Than Not Standard” - §6694(a)(2)(C)

Reasonable Position - Substantial Authority Standard - §6694(a)(2)(A)

Adequate Disclosure - §6694(a)(2)(B)

Form 8275-R

Information Reporting & Penalties - §6721 et al

Corrections Resulting in Reduced Penalties

Small Businesses

Reasonable Cause

Failures

Failure to Furnish Copy of Return to Taxpayer - §6695(a)

Failure to Sign Return - §6695(b)

Failure to Furnish Identifying Number - §6695(c)

Failure to Retain Copy or List - §6695(d)

Failure to File Partnership Return - §6698

Failure to File S Corporation Return - §6699

Disclosure or Use of Information - §6713

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

Transfers

Representation

Recordings

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

Glossary

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