Course ID: ADVIT

Advanced Individual Taxation

This course provides participants with a strong intermediate level knowledge of individual taxation concepts that are crucial to successful compliance and planning. The course can be tailored to meet your needs in the ever changing tax world and conquer its complexities. The course includes practical application, problem solving, and discussion of planning opportunities.

In-person and live webcast CPE credit: 8.0

Learning Objectives

After completing this course, you will be able to:

Calculate the qualified business income deduction.
Determine the tax consequences of employer provided stock options to employees.
Determine the effect of retirement plan contributions and distributions on taxable income.
Apply the distribution rules for retirement plans and the penalty rules for early withdrawals.
Calculate the foreign earned income exclusion for U.S. taxpayers who have earnings in a foreign country.
Analyze the tax consequences for the three different categories of vacation homes.
Calculate basis and at-risk amounts used to limit loss deductions.
Apply passive loss rules when computing taxable income.
Differentiate Section 1231 assets from other asset types.
Distinguish the relationship among Section 1231 assets, Section 1245 assets, and Section 1250 assets.
Determine net Section 1231 gains and losses.
Calculate the gain or loss on sale of a Section 1245 asset, including depreciation recapture.
Calculate the gain or loss on sale of a Section 1250 asset, including depreciation recapture.
Calculate the allowable child tax credit.
Calculate the allowable credit for other dependents (family tax credit).
Calculate the allowable child and dependent care credit.
Determine the maximum education credits that a taxpayer can claim.
Determine the eligibility for the adoption credit
Determine a taxpayer’s alternative minimum tax (if any).
Determine an individual’s tax liability for the Social Security, Medicare, and self-employment taxes.
Determine the applicability of other taxes for individuals (nanny tax, additional Medicare tax).

Major Topics

Qualified business income
Stock options
Retirement plans and distributions
Foreign earned income
Rental properties and vacation homes
At-risk and passive loss rules
Section 1231 assets
Tax credits
Alternative minimum tax and other taxes

Advanced Preparations

None

Who Should Attend

Third year, seniors, or supervisors

Fields of Study

Taxes

Prerequisites

Intermediate level individual taxation knowledge

Provider

Business Learning Institute

CPE Credits

8.0

Level

Intermediate

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