• Course Information

    Title: Corporate and Individual Taxation - Key Aspects
    Category: Taxation
    Field of Study: Taxes
    Course Code: T018-0117
    CPE Credits: 35.0
    Price: $129.95
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Description

Description:
Designed to make the practitioner comfortable with "high traffic" issues, this program enables participants to discuss and handle business/personal tax essentials. The course examines and explains the practical aspects of individual & corporate planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas. This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little-known estate planning techniques.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 07/18/2018

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Objectives

Objectives:
Chapter 1:     Individual Tax Elements
1. Identify federal revenue tax sources citing the definitive role of gross income and, determine a client's tax liability using current rates, tables, exemptions, and statutory amounts, and their withholding and/or estimated tax responsibility.
2. Specify the various filing statuses and their filing requirements specifying the advantages and disadvantages of each.
3. Determine what constitutes gross income under Section 61 noting the tax treatment of compensation, fringe benefits, rental income, Social Security benefits, alimony, prizes and awards, identify dividend and distribution types and their tax differences, and specify how debt discharge can result in taxable income.
4. Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance, personal injury awards, interest on state and local obligations, and the foreign earned income exclusion.
5. Recognize income tax deductions and their use to reduce tax liability by:
a. Identifying personal, spousal and dependency exemptions and re-porting requirements including pre-2005 dependency rules;
b. Specifying the deductibility of Section 163 interest categories, Section 162 educational expenses, pre-2018 Section 217 moving expenses, pre-2018 Section 165 casualty & theft losses, and Section 164 taxes stating their proper reporting and substantiation;
c. Determining variables that impact the deductibility of charitable contributions, and identifying qualified organizations, permissible contributions contribution limitations, their tax treatment, and substantiation requirements;
d. Identifying the deductibility of medical care expenses including medical insurance, meals and lodging, transportation, home improvements and lifetime care payments recognizing the impact of Medicare;
e. Specifying deductions that are subject to the pre-2018 2% of AGI limitation, deductions not subject to the 2% limit, and nondeductible expenses.
6. Determine distinctions among several types of tax credits identifying the eligibility requirements and citing changes created by recent tax legislation to individual tax returns.

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00093-14-S

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