Seminar: 1040 Individual Tax
November 17-18, 2020, 8:00 a.m. – 4:30 p.m
This seminar will be virtual with a live instructor. For those that register prior to November 3, 2020, a hard copy of the manual will be mailed to the participant. For those who register after that date, an online version of the manual will be provided via ProView.
1040 INDIVIDUAL TAX SEMINAR DESCRIPTION
By the end of this seminar, you should be able to: identify changes to the kiddie tax calculation; apply the rules of penalty assessment and abatement; evaluate changes to itemized deductions and determine the credits that are available to taxpayers including CORONA-19 related credits, and identify reporting required to “reconcile” the EIPs; recognize changes to education credits and deductions, and evaluate rules associated with debt discharge; apply the rules of retirement plan accumulation and distribution; determine the correct reporting of interest, dividends, and capital gains, and identify current IRS issues; implement sound strategies to safeguard confidential taxpayer information; identify the basics of reporting Schedule C self-employment income and expenses; analyze what tax years are retroactively exempt from the IRC Sec. 461(l) loss limitation rules for noncorporate taxpayers; identify the CARES Act’s impact on an individual taxpayer’s net operating loss (NOL), analyze the SBA’s PPP loan forgiveness parameters, and evaluate the CARES Act changes to qualified improvement property (QIP); calculate the qualified business income deduction (QBID) under IRC Sec. 199A; analyze impact of Tax Extender and Disaster Relief Act of 2019 on deductible personal casualty and theft loss deductions; and assess 2020 developments affecting high deductible health plans and HSA contributions.
Delivery Method for this course will be Group Internet-Based. The program level is Basic and there is no advanced preparation needed. There are no prerequisites. Recommended credits are 16.0 CPE credits and the field of study is Taxes.
Gear Up attendee requirements: To receive CPE credit, you must login to the online session. Participants are required to actively participate throughout the online session by responding to attendance prompts when requested.
Gear Up is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Gear Up is approved for Group Live, Group Internet Based, and QAS Self Study delivery methods.
- CFP Credits: 16.0
- CTEC Credits: Federal Tax Law 13.0; Federal Tax Law Update 3.0
- IRS Enrolled Agent Credits: Federal Tax/Tax Related Matters 16.0
- IRS Non-Credentialed Return Preparer Credits: Federal Tax 13.0; Federal Tax Update 3.0
This comprehensive course covers key tax issues for completing complicated individual returns including family return issues, taxpayers with investments, retirement income, the sole proprietor, and business and rental activity owners. Stay current with in-depth coverage of recent legislation, case law developments, and relevant notices, announcements, revenue rulings, and procedures. Speakers are all practicing preparers who share practical tips to help you get ready for this tax season. Coverage Includes:
- Filing status, the taxability of alimony payments, and changes in the way the kiddie tax is calculated
- The rules of penalty assessment and abatement
- Changes to itemized deductions and determine the numerous credits that are available to taxpayers, both individual and small business including CORONA-19 related credits
- Changes to the education credits and deductions and the rules associated with debt discharge
- Taxation and planning problems associated with social security and Medicare
- The rules of retirement plan accumulation and distribution
- Retirement plan accumulation strategies•Reporting of interest, dividends, and capital gains
- Tax practice and taxpayer strategies to safeguard confidential taxpayer information
- IRS issues ranging from reorganization to procedural aspects of notices and responding to the IRS
- The basics of reporting Schedule C self-employment income and expenses
- What tax years are retroactively exempt from the IRC Sec. 461(l) loss limitation rules for non-corporate taxpayers
- The CARES Act’s impact on an individual taxpayer’s net operating loss (NOL)
- SBA’s PPP loan forgiveness parameters, including maximum owner-compensation replacement
- Self-employment taxation exclusion applicable to rentals from real estate
- The CARES Act changes to qualified improvement property (QIP)
- 2020 proposed reliance regulations defining real property for purposes of IRC Sec. 1031 tax-free like-kind exchanges
- The qualified business income deduction (QBID) under IRC Sec. 199A
- Limitations on pass-through losses, including outside and at-risk basis, and passive activity loss limitations
- Evaluate impact of Rev. Proc. 2020-23 (affecting partnerships subject to the centralized partnership audit regime rules) on partners and LLC members
- Elections for grouping activities and real estate professionals
- Impact of Tax Extender and Disaster Relief Act of 2019 on deductible personal casualty and theft loss deductions
- 2020 developments for high deductible health plans and HSA contributions
- Taxpayer outcomes in FBAR penalty cases
Gear Up: CPE Compliance
Gear Up Live Seminars and Gear Up Conferences are “group-live” or “group internet-based” delivery method. Unless otherwise stated in each course’s descriptive information, no other prerequisites or advanced preparation are required.
If four (4) or more members of the same firm attend the above seminar a $20.00 savings per attendee will incur. YOUR GROUP MUST REGISTER BY MAIL TO RECEIVE THIS DISCOUNT. All attendees must be current members of I.A.A. prior to the above seminar date in order for the discount to take effect.
- Registrations received after November 3, 2020 will add an additional $25.00
- Registrations day of Seminar add an additional $25.00
- No refunds will be issued after November 10, 2020
Note: No exceptions to the above three statements. A separate registration form must be filled out for each attendee
Instead of registering online, you can download a PDF version of this form and return it along with payment made payable to I.A.A.
Independent Association of Accountants of New York, Inc.
4043 Maple Rd. Box 100 A
Amherst, NY 14226