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The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

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.

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

For most of 2022, it was doubtful that Congress would enact any tax legislation. However, Democrats were finally able to negotiate and pass the Inflation Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning.

This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate AMT, electric vehicles, stock repurchases, and selected non-tax aspects of the legislation.

The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.

Inflation Reduction Act Summary (2 Hrs)
A/B
Suggested Courses

The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

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.

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

For most of 2022, it was doubtful that Congress would enact any tax legislation. However, Democrats were finally able to negotiate and pass the Inflation Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning.

This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate AMT, electric vehicles, stock repurchases, and selected non-tax aspects of the legislation.

The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.

Inflation Reduction Act Summary (2 Hrs)
Recent Searches
No recent searches found.
Similar Courses

The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

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.

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

For most of 2022, it was doubtful that Congress would enact any tax legislation. However, Democrats were finally able to negotiate and pass the Inflation Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning.

This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate AMT, electric vehicles, stock repurchases, and selected non-tax aspects of the legislation.

The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.

Inflation Reduction Act Summary (2 Hrs)
Suggested Courses

The Charitable Payraise® is a new financial method designed to help those converting appreciated assets to income-producing resources in a more tax-efficient manner. The result produces substantially increased after-tax client cash flow while supporting the charity(s) of their choice. The charitable tax planning course will identify the changes in tax law that facilitated the new method, elements of the ‘Should’ tax opinion in support of TCP, and the types of assets that do and do not qualify for use. In addition, the roles and responsibilities of the CPA, as well as other professionals, to implement and maintain the method will be addressed.

The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. 

Please Note: This course covers tax issues applicable to 2022 income reported in the 2023 tax season.

Federal Income Tax Changes - For the 2023 Tax Year (6 Hrs)

The SECURE Act 2.0 became law as part of the Consolidated Appropriations Act, 2023 enacted on December 29, 2022. It contains a wide range of provisions designed to encourage retirement savings. Additionally, it brings about changes affecting required minimum distributions, Roth IRAs, and designated Roth accounts. The Act addresses desirable outcomes, including:

  • Creating improved retirement security;
  • Ensuring retirement income preservation;
  • Simplifying retirement plan rules; and
  • Enhancing federal revenue.

The SECURE Act 2.0 course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. In doing so, appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.

SECURE Act 2.0 (4 Hrs)

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.

 

1040 Tax Workshop - 2024, with updates for 2023 (25 Hrs)

For most of 2022, it was doubtful that Congress would enact any tax legislation. However, Democrats were finally able to negotiate and pass the Inflation Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning.

This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate AMT, electric vehicles, stock repurchases, and selected non-tax aspects of the legislation.

The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.

Inflation Reduction Act Summary (2 Hrs)
Course Details

Medical, Charitable and Casualty - Mini Course (Course Id 2366)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 0 ||| Word Count: 13,727 ||| Review Questions: 0 ||| Final Exam Questions: 13
CPE Credits : 2.5
IRS Credits : 2
Price : $22.45
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 2366
Description :

We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially in relation to their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed. 
Usage Rank : 10714
Release : 2024
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Charitable Contribution Deduction: Rules and Special Benefits for 2021
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 08-Jun-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 - 2366
Keywords : Taxes, Medical, Charitable, Casualty, 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:

    * Deductions for medical costs
    * Health Savings Accounts
    * Health insurance for the self-employed
    * Limitations on charitable contributions
    * Contributions of cash
    * Contributions of property
    * Contributions of services
    * Substantiation
    * Casualty and theft losses
    * Disaster area losses
    *Losses on Deposits
Learning Objectives:

      After reading the materials, participants will be able to:
    1. Identify the various deductions related to medical costs by:
      a. Recognizing the differences between deductible and nondeductible items including the types of deductions for dependents; and
      b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of withdrawals from HSAs and determining self-employed health insurance.
    2. Recognize the charitable contribution provisions, identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions, and specify the requirements related to substantiation.
    3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.
Course Contents :

Chapter 1 - Medical, Charitable and Casualty

 

Medical Costs - §213

Spouse

Separate Returns

Community Property States

Dependents

Adopted Child

Children of Divorced or Separated Parents

Multiple Support Agreements

Decedents

Medical Deductions

Items Deductible

Items Not Deductible

Medical Insurance Premiums

Meals & Lodging

Expenses of Transportation

Cosmetic Surgery

Permanent Improvements

Lifetime Care Advance Payments

Reimbursement of Expenses

Amounts Deductible

Long-term Care Provisions

IRA Withdrawals for Certain Medical Expenses

Grandfathered Archer Medical Savings Accounts - §220

Health Savings Accounts (HSAs) - §223

Benefits

Qualifications

High Deductible Health Plan (HDHP)

Limits for HDHP

Amount of Contribution

Enrolled in Medicare

Special Rules for Married Couples

Establishing an HSA

Rollovers

Distributions

Qualified Medical Expenses

Insurance Premiums

Record Keeping

Prescription Drug Costs

Accelerated Death Benefits

Terminally Ill Individual

Chronically Ill Individual

Exclusion Limited

Health Insurance For Self-Employed

Charitable Contributions - §170

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

Exception

Capital Gain Type Property

Exceptions

Conservation Easements

Loss Type Property

Vehicle Donations

Fractional Interests

Other Types of Contributions

Charitable Distributions from an IRA

Substantiation

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

Personal Casualty & Theft Losses - §165

Casualty

Theft

Mislaid or Lost Property

Deductible Losses

Nondeductible Losses

Proof of Loss

Amount of Loss

Theft

Recovered Property

Related Expenses

Protection Cost

Repair & Replacement Costs

Allocation for Mixed Use Property

Insurance and Other Reimbursements

Limitations

Disaster Area Losses

Unsafe Home

Special Residence Rule

Loss on Deposits

 

Glossary
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