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Course Details

2016 Tax Filing Season Update (Course Id 925)

New / QAS / Registry / EA   Add to Cart 
Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 10.0
IRS Credits : 10
Price : $99.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 925

Description :

Each year, income tax return preparation is affected by inflation-related changes to various limits and new tax laws. This course will look at those changes and new laws.

The 2016 Annual Tax Season Update course is based on the 2016 Annual Federal Tax Refresher course and is designed to provide valuable information to persons preparing individual 1040 income tax returns reflecting clients’ 2015 income. It does not, however, satisfy the Internal Revenue Service’s voluntary annual filing season program.

The course a) examines new tax law and changes in various limits that reflect inflation, b) provides a general tax review, and c) discusses important rules governing tax return preparer ethics, practices and procedures.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 27-Jan-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 - 925

Keywords : Taxes, 2016, Tax, Filing, Season, Update, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
    • Apply the inflation-adjusted and other limits to the proper preparation of taxpayers’ income tax returns;
    • Calculate taxpayers’ additional tax liability resulting from the Medicare tax, net investment income tax and individual shared responsibility payment;
    • Recognize the federal income tax filing statuses and the criteria for their use;
    • Identify the types of income that must be recognized;
    • Apply the tax rules to the various credits and adjustments to income available to taxpayers;
    • Recognize the penalties that may be imposed on a preparer for failing to meet ethical and practice standards in preparing tax returns; and
    • Identify the duties and restrictions imposed on tax preparers under Circular 230.

Chapter 1
New Tax Law/Recent Updates

When you have completed this chapter you should be able to:
    • Identify the 2015 standard deductions, exemptions and tax filing thresholds;
    • Apply the tax law applicable to IRA rollovers; and
    • Determine the federal income tax return due dates and the extensions of time available for filing.

Chapter 2
The Income Tax Return

When you have completed this chapter you should be able to:
    • List the five federal income tax filing statuses and the conditions applicable to their use;
    • Understand the fundamental risks involving tax-related identity theft;
    • Recognize the best practices to ensure obtaining correct names and Social Security numbers of taxpayers and dependents; and
    • Identify the rules applicable to claiming a dependent.

Chapter 3
Taxability of Wages, Salaries, Tips and Other Earnings

When you have completed this chapter you should be able to:
    • Identify the tax treatment of various types of earnings, including –
      o Allowances and reimbursements,
      o Bonuses and various awards,
      o Differential wage payments,
      o Severance pay, and
      o Sick pay;
    • Recognize the tax treatment applicable to interest received under the Education Savings Bond program and local/state government obligations;
    • Compare the tax treatment of qualified dividends and dividends that are not qualified; and
    • Recognize the required holding period for qualified dividends.

Chapter 4
Foreign Accounts, Refunds, Unemployment Compensation, Self-Employment Income and Social Security Benefits

When you have completed this chapter you should be able to:
    • Determine when Form 1040 Schedule B must be filed;
    • Define “financial account” as used in tax law;
    • Understand the nature of signature authority;
    • Define “unemployment compensation” and recognize its tax treatment;
    • Identify the components of self-employed income;

    • Recognize the self-employed taxpayer’s expenses that may be deducted from gross income;
    • Determine the earnings and expense records that must be kept by a self-employed taxpayer; and
    • Calculate the taxability of Social Security benefits.

Chapter 5
IRAs, Pensions, Annuities, Capital Gains and Losses

When you have completed this chapter you should be able to:
    • Identify the income level at which a traditional IRA contribution by an active participant in an employer-sponsored retirement plan becomes non-deductible;
    • Determine the tax treatment of traditional IRA and Roth IRA distributions;
    • Calculate the tax penalty applicable to premature distributions from an IRA;
    • Recognize the rules that apply to lifetime and post-mortem IRA required minimum distributions;
    • Identify the tax rules that apply to distributions from an employer-sponsored retirement plan;
    • Calculate the taxable income received by a taxpayer under a nonqualified annuity; and • Recognize the tax rules applicable to capital gains and losses.

Chapter 6
Adjustments and Deductions

When you have completed this chapter you should be able to:
    • Calculate the amount of adjustment to a taxpayer’s income for student loan interest;
    • Compute the available deduction for tuition and fees;
    • Identify the items that may be deducted by a taxpayer itemizing deductions; and
    • Recognize the limits applicable to itemized deductions by high-income taxpayers.

Chapter 7
Child and Dependent Care, Education, Retirement and Child Tax Credits

When you have completed this chapter you should be able to:
    • Recognize the tax credits that may be available to a taxpayer;
    • Identify the rules applicable to a child tax credit;
    • Determine the availability of a retirement tax credit for a taxpayer; and
    • Calculate a taxpayer’s child and dependent care credit.

Chapter 8
ACA Provisions

When you have completed this chapter you should be able to:
    • Calculate the permitted contributions and distributions from tax-favored health plans;
    • Recognize the changes to –
    o The medical expense deduction threshold, and
    o Social Security taxes on high earners and on net investment income;
    • Understand the requirements under the ACA for taxpayers to maintain healthcare coverage;
    • Identify the reasons a taxpayer may be considered exempt from the penalty for failing to maintain required health insurance; and
    • Calculate the penalty applicable to a non-exempt taxpayer for failing to maintain required health insurance.

Chapter 9
Earned Income Tax Credit

When you have completed this chapter you should be able to:
    • Recognize the rules concerning eligibility for an earned income tax credit;
    • Identify the earned income, adjusted gross income and investment income limits that apply to a taxpayer’s eligibility for an earned income tax credit; and
    • Calculate the amount of the earned income credit.

Chapter 10
Tax Payments and Refunds

When you have completed this chapter you should be able to:
    • Understand the tax withholding and estimated tax rules;
    • Recognize the penalties that may apply for insufficient tax withholding;
    • Understand the criteria that must be met to be exempt from tax withholding;
    • Identify the options available to a taxpayer to pay taxes due; and
    • Recognize the rules applicable to obtaining a tax refund.

Chapter 11
Ethics, Practices & Procedures

When you have completed this chapter you should be able to:
    • Recognize the penalties applicable to a tax return preparer’s negligent or intentional disregard of rules and regulations;
    • Apply the rules related to negotiating client refunds;
    • Identify the due diligence requirements imposed on tax return preparers;
    • Understand the e-file requirements; and
    • Recognize the requirements related to signing and furnishing identifying numbers on client returns and the penalties for failing to do so.
Course Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1 – New Tax Law/Recent Updates

Chapter Learning Objectives

Introduction

Annual Inflation Adjustments

Standard Deduction Increased

Standard Deductions for Blind and Senior Unmarried Taxpayers Increased

Standard Deduction Eligibility

Exemption Amount Increased

Personal Exemptions

Dependent Exemptions

Income Tax Filing Threshold Amounts

IRA Rollover Per Year Limit

Tax Consequences of Violating the One-Rollover-Per-Year Rule

Some Rollover-type Transactions Unaffected by Ruling

Rollover Transition Rule

Status of Extender Tax Provisions

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

Chapter Review

Chapter 2 – The Income Tax Return

Chapter Learning Objectives

Introduction

Determination of Filing Status

Marital Status

Divorced or Separated Taxpayers

Annulled Marriage

Married

Death of a Spouse

Single

Married Filing Jointly

Married Filing Separately

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

Head of Household

Qualifying Widow(er) With Dependent Child

Tax Related Identity Theft

Claiming a Dependent

Qualifying Child

Qualifying Relative

Relatives who Need Not Live with the Taxpayer

Chapter Review

Chapter 3 – Taxability of Wages, Salaries, Tips and Other Earnings

Chapter Learning Objectives

Introduction

Types of Compensation

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

Interest and Dividend Income

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

Chapter Review

Chapter 4 - Foreign Accounts, Refunds, Unemployment Compensation, Self-Employment Income and Social Security Benefits

Chapter Learning Objectives

Introduction

Schedule B, Part III Foreign Accounts and Trusts

Taxable Refunds, Credits, or Offsets of State and Local Taxes

Unemployment Compensation

Unemployment Compensation Taxable

Nondeductible Contributions to Governmental Unemployment Compensation Programs

Repayment of Unemployment Compensation

Self-Employment Income and Expenses

Income from Self-Employment

Self-Employment Expenses

Recordkeeping Requirements

Gross Receipts

Inventory

Expenses

Social Security Benefits

Taxability of Benefits

Reporting

Chapter Review

Chapter 5 – IRAs, Pensions, Annuities, Capital Gains and Losses

Chapter Learning Objectives

Introduction

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 Traditional IRA 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 – General Rule

Early Distributions

Required Minimum Distributions

Plan Distributions of Non-Cash Assets

Qualified Plan 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

Annuity Distributions

Annuity Surrenders, Withdrawals and Loans

Premature Distributions

Amounts Received as an Annuity

Annuitant’s Death After Annuity Starting Date

Contract Owner’s Death Before Annuity Starting Date

Estate Taxation of Annuities

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

Chapter Review

Chapter 6 – Adjustments and Deductions

Chapter Learning Objectives

Introduction

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

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 Amount

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

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

Chapter Review

Chapter 7 – Child and Dependent Care, Education, Retirement and Child Tax Credits

Chapter Learning Objectives

Introduction

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

Double Benefit Prohibited

Adjustments to Qualified Education Expenses

Tax-Free Educational Assistance

Refunds

Eligible Students – American Opportunity Credit

Claiming a Dependent’s Expenses

Expenses Paid By The Dependent

Expenses Paid By Others

Tuition Reductions

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

Double Benefit Prohibited

Adjustments to Qualified Education Expenses

Tax-Free Educational Assistance

Refunds

Eligible Students – Lifetime Learning Credit

Claiming a Dependent’s Expenses

Expenses Paid By The Dependent

Expenses Paid By Others

Tuition Reductions

Figuring the Lifetime Learning Credit

Maximum Lifetime Learning Credit Subject to Income Limits/Filing Status

Lifetime Learning Credit Recapture

Retirement Savings Contribution Credit

Child Tax Credit and Additional Child Tax Credit

Child Tax Credit

Credit Limits

Claiming the Credit

Additional Child Tax Credit

Chapter Review

Chapter 8 – ACA Provisions

Chapter Learning Objectives

Introduction

Affordable Care Act Tax Provisions

Tax-Favored Health Plans

Over-the-Counter Drug Costs

Nonqualified Distributions from Archer MSAs and HSAs

FSA Contributions Limited

Unreimbursed Medical Expense Deduction Threshold Increased

Medical Expense Deduction Threshold Increased for Age 65 Taxpayers in 2017

Social Security Taxes

HI Component Increased for High Earners

3.8% Additional Tax on Net Investment Income for Higher-Income Taxpayers

Estates and Trusts

Affordable Care Act Health Plan Requirements

Individual Requirement to Maintain Health Coverage

Reporting Form 1095-C

Reporting Form 1095-B

Penalty for Failure to Maintain Health Coverage

Penalty Examples

Exemptions from Penalty for Failure to Maintain Health Coverage

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

Claiming the Tax Credit - Reporting Form 1095-A

Chapter Review

Chapter 9 – Earned Income Tax Credit

Chapter Learning Objectives

Introduction

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

Chapter Review

Chapter 10 – Tax Payments and Refunds

Chapter Learning Objectives

Introduction

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

Limit on Direct Deposit Refunds

Chapter Review

Chapter 11 – Ethics, Practices & Procedures

Chapter Learning Objectives

Introduction

Requirement to Give Taxpayer a Copy of Return

Tax Return Preparers Required to Sign Returns

Tax Return Preparers Required to Furnish Identifying Number

Requirement to Retain a Copy of Return

Prohibition on Negotiation of Client Refund Checks

Due Diligence in Preparing Returns

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

Negligent or Intentional Disregard and Willful Understatement of Liability

Tax Return Preparer Duties and Restrictions

Practitioner Competence

Written Advice

Solicitation of Business

Advertising and Solicitation Requirements

Professional Fee Information

Disclosure of Responsibility for Costs

Communication of Fee Information

Retention of Communications Containing Fee Information

Improper Associations

Unauthorized Practice of Law

Responding to IRS Requests for Information

Requested Material not in Practitioner’s Possession

Material Requested Concerning Alleged Practitioner Violation

Interference with an IRS Request for Information

Knowledge of Client Omissions

Requirement for Accuracy

Return of Client Records

Nature of Client Records

Conflicting Interests

Chapter Review

Glossary

Taxes Course 925 Home: https://www.cpethink.com/tax-cpa-courses
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