Author : | Danny C Santucci, JD |
Course Length : | Pages: 33 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
CPE Credits : | 3.0 |
IRS Credits : | 3 |
Price : | $26.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers |
Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 528 |
Description : |
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) into law. Although ATRA raised income taxes for high-income individuals, it avoided tax rate increases for middle income taxpayers. ATRA also made many extensions of or modifications to existing law. In other instances, it reinstated many provisions for 2012 that were about to expire and extended them through 2013 and, in a few cases beyond. |
Usage Rank : | 0 |
Release : | 2016 |
Version : | 2.0 |
Prerequisites : | General understanding of federal income taxation. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed |
Additional Links : |
Fiscal Cliff Legislation American Taxpayer Relief Act of 2012 HR 8
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE) |
Revision Date : | 30-May-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 - Registered Tax Return Preparers - 528 |
Keywords : | Taxes, Fiscal, Cliff, Legislation, American, Taxpayer, Relief, Act, 2012, HR, 8, 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. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* Individual & business tax credits * Deduction limitations * Education credits * Energy credit extensions * Reinstated business credits * Retirement plan contribution and phaseout limits * Estate & gift tax developments After reading the materials, participants will be able to:
2. Cite key ATRA business provisions, including bonus depreciation, expensing, the work opportunity credit, leasehold and restaurant property improvements, FICA and SECA taxes, and S corporation developments. 3. Identify types of retirement plans and how they were affected by ATRA, including contribution limits and phaseout limits, and recognize the implications of changes to estate, generation-skipping transfer, and gift taxes. |
Course Contents : | Chapter 1 - “Fiscal Cliff” Legislation (American Taxpayer Relief Act of 2012 - HR 8) Individual Income Tax Rates - §1 Marriage Penalty Standard Deduction - §63 Dependent Limit - §63(c)(5) Personal Exemptions & Phaseout - §151 Limitation on Itemized Deductions - §68 AMT - §55 Exemption Amount & ARTA Permanent Patch - §55(d)(1) AMT Exemption Phaseout - §55(d) & §59(j) AMT Exemption for Children - §59(j) AMT & Personal Credits Earned Income Tax Credit - §32 Disqualified Income Means-Tested Programs Child Tax Credit - §24 AGI Phaseout Dependent Care Tax Credit - §21 State & Local 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 Capital Gains & Dividends - §1(h) Residential Mortgage Debt Relief – §108 Deductible Mortgage Insurance - §163 Adoption Credit - §23 & 137 Coverdell Education Savings Accounts – §530 Hope & Lifetime Learning Credits - §25A Lifetime Learning Credit Hope Credit “American Opportunity” Education Tax Credit Student Loan Interest Deduction - §221 Scholarships with Service Requirements - §117 Conservation Contributions - §170 Energy Credit for Energy New Efficient Home - §45L Energy Efficient Appliance Credit - §45M Existing Homes Energy-Efficient Improvements Credits - §25C Investment Tax Credit for Production Tax Credit - §45 & §48 Alternative Fuel Refueling Property - §30C Plug-In Electric Drive Motor Vehicle Credit - §30 Business Expenses for Child Care Facilities & Services - §45F Bonus (or Additional First-year) Depreciation - §168 50% Additional First-year Depreciation 100% Additional First-year Depreciation (Reduced to 50%) Qualified Property Depreciation Limits on Business Vehicles Nonqualified Property Expensing - §179 Special Film & TV Production Expensing - §181 Social Security, Medicare & FUTA (or Payroll) Taxes FICA - §3111 & §3121 SECA - §1401 Wage Base Additional Hospital Insurance Tax On Certain High-Income Individuals FUTA - §3301 & §3306 Research Tax Credit - §41 Low-Income Housing Tax Credit Rate Freeze - §42 Military Allowances & Low-Income Housing - §42 Employer-Provided Educational Assistance - §127 Parity for Parking Exclusion & Transit Passes - §132 Work Opportunity Tax Credit (WOTC) - §51 Heroes & Warriors Work Opportunity Tax Credits Extended Leasehold 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 Improvements - §168(e)(7) Expensing Permitted Enhanced Charitable Deduction for Food - §170 Qualified Small Business Capital Gains - §1202 New Markets Tax Credit - §45D Motorsports Entertainment Complexes S Corporation Built-In Gain Period - §1374 S Corporation Charitable Contributions Payments To Controlling Exempt Organizations Dividends Of Regulated Investment Companies (RIC's) Retirement Plans Charitable Distributions from IRAs - §408 Roth Conversions for Retirement Plans 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 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 Notice of Large Gifts Received from Foreign Persons - §6039F Glossary |