Federal Tax Update: Comprehensive Individual Tax (Form 1040)

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Overview

8.0 Credits
ONLINE

This course provides participants with critical Federal tax law updates resulting from current laws, regulations and court cases impacting individuals. Critical topics to be covered include the new qualified business income deduction, expansion of the child credit and standard deduction, elimination of several deductions, “Excess Business Loss” restrictions and the changes to the Estate and Gift Tax and much more.

Objectives

  • Identify the major federal income tax laws impacting individuals as well as changes to Form 1040 and other related schedules and forms.
  • Recognize any new legislation passed by President Trump and IRS guidance affecting individual income tax returns.

Major Topics

  • Detailed coverage of any new individual income tax law signed by President Trump.
  • Review the ACA taxes, penalties and credits repealed and retained.
  • Look at any changes to the Form 1040 and other related schedules and forms.
  • Cover issues related to the various taxes, i.e., income, capital gain, self-employment and alternative minimum tax (AMT).
  • Review changes to depreciation, itemized deductions, adjustments to income, passive activities and tax credits.

Designed For

Tax accountants.

Prerequisite

Basic knowledge of individual income taxation.

Advanced Preparation

None.