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Course Details

2016/2015 Easy Update and Inflation Adjustments for Tax (Plus Reminders on Select Provisions) - Mini Course (Course Id 1013)

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Author : Danny C Santucci, JD
Status : Production
CPE Credits : 3.0
IRS Credits : 3
Price : $29.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 1013

Description :

This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and way for professionals and staff alike to easily get the big chunks and bring their professional knowledge up to speed.

Usage Rank : 0
Release : 2016
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 :
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 17-Jun-2016
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 - NASBA Registry - IRS Enrolled Agents - 1013

Keywords : Taxes, 2016/2015, Easy, Update, Inflation, Adjustments, Tax, Plus, Reminders, Select, Provisions, Mini, Course, cpe, cpa, online course
Learning Objectives :

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

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

    * Tax brackets
    * Tax credits
    * Deductions
    * Education credits
    * Energy credits
    * Retirement plan contribution and phaseout limits
    * Gift and estate taxes
Learning Objectives:

After reading the materials, participants will be able to:
    1. Recognize the various issues affected by inflation and recent tax law changes especially as they relate to individual income taxes noting the various income tax brackets, the kiddie tax, the AMT phaseout limits and contribution limits to HSAs, and identify the mechanics of selected income tax credits, including education and energy credits.
    2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including bonus depreciation, expensing, standard mileage rates, work opportunity credit, and S corporation developments.
    3. Specify differences between various retirement plans, including inflation adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining interest on estate tax installments.
Course Contents :

Chapter 1 - 2016/2015 Easy Update and Inflation Adjustments for Tax Individual

Individual

Income Tax Rates - 1

Marriage Penalty

Same-Sex Marriage

Innocent Spouse Relief - 6015(f)

Standard Deduction - 63

Dependent Limit - 63(c)(5)

Personal Exemptions & Phaseout (Expired & Reinstated) - 151

Limitation on Itemized Deductions (Expired & Reinstated) - 68

Kiddie Tax - 1(g)

AMT Exemption for Children - 59(j)

Election to Report Childs Income on Parents Return - 1(g)(7)

AMT - 55

Exemption Amounts & Permanent Patch - 55(d)(1)

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

AMT & Personal Credits

Sales Tax Deduction for Qualified Vehicles (Expired) - 164

Wage Base for Social Security & Medicare Taxes

Making Work Pay Credit (Expired) - 36A

Earned Income Tax Credit - 32

Disqualified Income

Means-Tested Programs

Child Tax Credit - 24

Earned Income

AGI Phaseout

Child & Dependent Care Expenses Tax Credit - 21

State & Local General Sales Taxes - 164

Educator Expenses - 62

Higher Education Tuition Deduction - 222

Dollar Limitation & Phase Out

Tuition Deduction Or Education Credit Allowed

Hope/Lifetime Election If Lower Tax

Long-Term Capital Gains & Dividends - 1(h)

Tax on Net Investment Income - 1411

Final Regulations TD 9644

Reduced Home Sale Exclusion - 121

Computation

Nonqualified Use

Post-May 6, 1997 Depreciation

Surviving Spouse Home Sale Exclusion - 121

Residential Mortgage Debt Relief 108

Deductible Mortgage Insurance Premiums - 163

Phaseout

Insubstantial Charitable Benefits

Household Employees - 3121

Adoption Credit - 23 & 137

Coverdell Education Savings Accounts - 530

Hope & Lifetime Learning Credits - 25A

Lifetime Learning Credit

Phase Out

Hope (with American Opportunity modifications) Credit - 25A(b)(1)

Phase Out

Refundable

Educational Savings Bonds - 135

Student Loan Interest Deduction - 221

Phase Out

Scholarships with Service Requirements - 117

Qualified Tuition Programs - 529

Higher Education Expenses

Contributions To Qualified Tuition Programs

PATH Act Modifications

Foreign Earned Income Exclusion - 911

Conservation Base Expansion - 170(b)

Definitions

Grandfathered Archer Medical Savings Accounts - 220

Medical Expense Deduction - 213

Health Savings Accounts (HSAs) - 223

High Deductible Health Plan (HDHP)

Annual Limit On Contributions

Interaction with Obamacare

Health Coverage Tax Credit (Expired) - 35(a)

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

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

ABLE Accounts - 529A

Qualified ABLE Program

Contributions

Distributions

Rollover

PATH Act Modification

Affordable Care Act (Obamacare)

Supreme Court Upholds Heath Care Act

Mandates

Individual

Health Plan Coverage Credit - 36B

Employers

Small Employers - Fewer Than 50 Employees

Large Employers - 50 or More Full-time Employees

Employer Excise Tax Penalty - 4980H

Large Employer Mandate Regulations

Marketplaces & The Protecting Affordable Coverage for Employees Act

Suspension Of Medical Device Excise Tax

Energy

Credit for Energy New Efficient Home - 45L

Energy Efficient Appliance Credit (Expired) - 45M

Residential Energy-Efficient Improvements & Property - 25C

Qualified Energy Efficiency Improvements

Qualified Energy Efficient Property

PATH Act Extension

Personal Solar Property - 25D

Energy-efficient Commercial Property Expenditures - 179D

Renewable Energy Production Tax Credit - 45 & 48

Investment Credit in lieu of Production Credit - 45 & 48

PATH Act Extension

Credit For Fuel Cell Vehicles - 30B

Alternative Fuel Vehicle Refueling Property - 30C

Plug-In Electric Drive Motor Vehicle Credit - 30

Plug-in Electric Motorcycles & 3-Wheeled Electric Vehicles - 30D(g)

Advanced Energy Investment Credit - 48C

Business

Expenses for Child Care Facilities & Services - 45F

Uniformed Services Wage Credit  - 45P

Health Care Coverage

Credit - 45R

Reporting - 6051(a)(14)

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

Initial 50% Additional First-year Depreciation

Temporary 100% Additional First-year Depreciation

Back to 50% Additional First-year Depreciation

PATH Act Extensions & Modifications

Qualified Property - 168(k)(2)

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

Nonqualified Property - 168(k)(2)

Home Office Square Footage Safe Harbor - 280A

Vehicle Depreciation Caps - 280F(a)

Expensing - 179

Special Film & TV Production Expensing - 181

Reporting Rental Property Expenses (Repealed) - 6041

Reporting Business Expense Payments (Repealed) - 6041

Estimated Tax Payments - 6654

Temporary 90% Limit (Expired)

Standard Mileage Rates

Self-Employment Tax & CRP Payments - 1402

Final Repair Regulations - 162

Health Insurance Deduction in Computing SE - 162

General Business Credit - 38

Five-Year Carryback of Business Credits (Expired) - 38(b)

AMT Exemption for Business Credit - 38(c)(4)

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

Credit for Retention of Newly Hired (Expired) - 38(b)

Research Tax Credit - 41

Incremental

Alternative Simplified Credit

Relation to 174

Qualified Expenses

Low-Income Housing Tax Credit - 42

Rate Freeze

Basis Amount

Military Allowances & Low-Income Housing - 42(h) & 142(d)

Employer-Provided Educational Assistance - 127

Parking Exclusion & Passes - 132

Bicycle Commuters Fringe Benefit - 132(f)

Cents-per-Mile Valuation Method - 61

Travel Per Diem Rates

Work Opportunity Tax Credit (WOTC) - 51

Targeted Groups

Credit Amount

Special Long-Term Family Assistance Recipients Calculation

Special Veterans Calculation as a Result of VOW

Leasehold Improvement, Retail Improvement & Restaurant Property - 168

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

Qualified Leasehold Improvement Property

Subsequent Owner

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

Enhanced Charitable Deduction for Food - 170

Enhanced Charitable Deduction for Books (Expired) - 170

Corporate Donation of Computer Equipment (Expired) - 170

Delay of Certain Cancellation of Debt Income (Expired) - 61

Qualified Small Business Capital Gains - 1202

75% Exclusion - February 17, 2009 to September 27, 2010

100% Exclusion - September 27, 2010, to Present

Domestic Production Activities Deduction - 199

New Markets Tax Credit - 45D

Qualified Equity Investment

Qualified Low-Income Community Investments

Qualified CDE

Credit Amount

Motorsports Entertainment Complexes - 168

Imputed Interest Small Transaction Exception - 1274

S Corporation Built-In Gain Period - 1374

S Corporation Charitable Contributions - 1367

Payments To Controlling Exempt Organizations - 512(b)

Dividends Of Regulated Investment Companies (RIC's) - 871

Retirement Plans

Defined Benefit Plans - 415(b)(1)(A)

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

Compensation Limit - 401, 404 & 408

IRA Contribution Limit - 219

IRA AGI Phaseout Limits - 219

Individual is an Active Plan Participant

Spouse is an Active Plan Participant

Charitable Distributions from IRAs - 408

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

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

Rollovers to Roth IRAs

In-Plan Rollovers to Roth Accounts

Roth IRA Conversions for Retirement Plans

Designated Roth Accounts for 457 Plans

my Retirement Account (myRA) - 408A

401(k), 403(b) & 457 Elective Deferral Limit

SIMPLE Plans

Simplified Employee Pensions (SEPs)

Contribution Limit

Compensation Limit

Retirement Savings (Savers) Credit - 25B

Nonspouse Rollovers - 402

Estate, GST & Gift Taxes - 2001, 2601 & 2501

Estate Tax - 2001

Repeal & Reinstatement of Estate & GST Taxes

Applicable Exemption Amount - 2010

Basis of Inherited Property - 1014

2010 Special Election

Portability - 2010(c))

State Death Tax Credit Replaced with Deduction - 2058

Real Property Valuation - 2032A

Interest on Estate Tax Installments - 6166 & 6601

Estate & Trust Income Tax Rates - 1(e)

GST Tax - 2601

Rates

Applicable Exemption Amount - 2010

Gift Tax - 2501

Reunification of Estate & Gift Taxes

Applicable Exemption Amount - 2505

Annual Exclusion for Gifts - 2503

Noncitizen Spouse Exclusion - 2523(i)(1)

Notice of Large Gifts Received from Foreign Persons - 6039F

 

Glossary

Taxes Course 1013 Home: https://www.cpethink.com/tax-cpa-courses
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