Table of Contents
Course
Description / Introduction to the Course
Chapter
1 - Provisions of Tax Cuts and Jobs Act
New
Individual and Capital Gains Tax Rates
Standard
Deduction Increased and Filing Requirements Changed
Standard
Deduction for Dependents
Standard
Deduction for Blind and Senior Taxpayers
Standard
Deduction Eligibility
Personal
Exemption Temporarily Reduced to Zero
Income
& Adjustments to Income
Moving
Expense Deduction & Reimbursement
Moving
Expenses in Military Relocations
Itemized
Deductions Schedule A
State
and Local Tax Deductions
Home
Mortgage Interest Deduction
Exception
for Binding Contracts
60%
AGI Limit for Cash Contributions
Deduction
for Athletic Tickets
Exception
to Contemporaneous Written Acknowledgement
Content
and Timing of Contemporaneous Written Acknowledgement
Casualty
and Theft Loss Deduction
Miscellaneous
Itemized Deductions Subject to 2% of AGI Threshold
Itemized
Deductions Phase-Out Amounts
Increase
in Tax Credit Amount to $2,000.
Child
Tax Credit Phaseout and Refundable/Nonrefundable Amounts
Social
Security Number Requirement
Partial
Child Tax Credit for Other Than Qualifying Child with SSN
Chapter
2 - Provisions of Tax Cuts and Jobs Act (contd)
Alternative
Minimum Tax Exemption Amount Increased
Pass-Through
Deduction for Qualified Trade or Business
Exception
for Specified Service Businesses Based on Taxpayers Income
Section
529 (Qualified Savings Plan) Changes
Additional
Designated Beneficiary Contributions Permitted
Discharge
of Student Loan Indebtedness
Affordable
Care Act (ACA) Provisions
Individual
Requirement to Maintain Health Coverage
Penalty
for Failure to Maintain Health Coverage
Exemptions
from Penalty for Failure to Maintain Health Coverage
Individual
Mandate Penalty 2019 and Later
Changes
in Employee Fringe Benefits
Chapter
3 - General Income Tax Review.
Business
Use of a Taxpayers Personal Vehicle
Personal
Vehicle for Charitable Purposes
Use
of a Taxpayers Personal Vehicle to Obtain Medical Care
Education
Savings Bond Program
Eligible
Educational Institutions
Qualified
Education Expenses Reduced by Certain Tax-free Benefits Received
Education
Savings Bond Program Eligibility Subject to Income Limits/Filing Status
Qualified
Long-Term Care Insurance Premiums and Benefits
Favorable
Benefits Tax Treatment Reserved for Chronically-Ill
Tax-Qualified
Long Term Care Premiums Deductible within Limits
Tax-Qualified
Long Term Care Insurance Benefits Tax-Free within Limits
Social
Security Taxable Earnings Limit
Retirement
Savings Contribution Credit
Savers
Credit Applicable to Range of Retirement Contributions
Savers
Credit Eligibility Based on Income and Filing Status
Health
Flexible Spending Arrangement Contributions
Refundable
Premium Tax Credit to Assist in Purchase of Qualified Health Plan
Taxpayers
Expected Contribution
Average
Annual Wage Limitation
Large
Employer Shared Responsibility: The Employer Mandate
Employers
Not Offering Coverage
Archer
Medical Savings Accounts
High Deductible Health Plan
Requirement
Penalty
for Excess Contributions
Account
Transfer Incident to Divorce
MSA
Distributions not Exceeding Qualified Medical Expenses
MSA
Distributions Exceeding Qualified Medical Expenses
Archer
MSA Distribution Tax Penalty
HSA High Deductible Health Plan
Requirement
HSA
Contributions from Multiple Sources
Additional
Contributions for Age 55 and Older Account Holders
Maximum
HSA Contributions may be Reduced
Penalty
for Excess Contributions
Account
Transfer Incident to Divorce
Advance
Commissions and Other Earnings
Government
Cost of Living Allowances
Nonqualified
Deferred Compensation Plans
Social
Security and Medicare Taxes Paid by an Employer
Schedule
B, Part III Foreign Accounts and Trusts
Self-Employment
Income and Expenses
Methods
of Figuring the Home-Office Deduction
Percentage
of the Home Used for Business
Calculating
Percentage of Home Used for Business
Deductible
Expenses for Home-Office Deduction
Expenses
Deductible by All Homeowners
Expenses
Deductible only by Taxpayers Using a Home for Business
Depreciation
and Actual Expenses Related to Use of Home not Deductible
No
Deduction of Actual Expense Carryover
Expenses
Deductible Irrespective of Business Use
Special
Rules Applicable to Simplified Method
Chapter
4 - General Income Tax Review (contd)
Retirement
Income Reporting and Taxability
Individual
Retirement Accounts
Premature
Distributions Avoiding Tax Penalty
Traditional-to-Roth
IRA Conversions
Required
Distributions during Owners Lifetime
Limits
on Roth IRA Contributions
Non-Qualified
Roth IRA Distributions of Gain before 59 = Subject to Tax Penalty
No
Required Roth IRA Lifetime Distributions
Simplified
Employee Pension (SEP) IRA
Required
Minimum Distributions
Employee
Elective Contributions
Minimum
Required Distributions
Contributions
to Qualified Employee Plans
Qualified
Retirement Plan Distributions
Required
Qualified Plan Minimum Distributions
Designated
Roth Account Distributions
Qualified
Roth Account Distributions Tax-Free
Nonqualified
Roth Account Distributions
Short-Term
and Long-Term Capital Gains and Losses
Reporting
Capital Gains and Losses
IRS
Form 8949, Sales and Other Dispositions of Capital Assets
Chapter
5 - General Income Tax Review (contd)
Child
and Dependent Care Credit
Eligible
Care Recipients Limited to Qualifying Persons
Eligibility
to Claim an American Opportunity Credit
Expenses
Qualifying for an American Opportunity Credit
Figuring
the American Opportunity Credit
Eligibility
to Claim a Lifetime Learning Credit
Expenses
Qualifying for a Lifetime Learning Credit
Figuring
the Lifetime Learning Credit
Valid
Social Security Number Required
EITC
Rules That Apply Only if the Taxpayer Has a Qualifying Child
Relationship,
Age, Residence and Joint Return Tests
Qualifying
Child of Another Taxpayer Rule
EITC
Rules That Apply if Taxpayer Does Not Have a Qualifying Child
Tax
Withholding and Estimated Tax Payments
Withholding
from Nonwage Income
Requirement
to Pay Estimated Tax
Balance
Due and Refund Options
Limit
on Direct Deposit Refunds
Federal
Income Tax Return Filing Due Dates
Calendar
Year and Fiscal Year Taxpayers
Automatic
Extension of Time to File
Individuals
Outside the United States
Individuals
Serving in a Combat Zone
Chapter
6 - Practices, Procedures & Professional Responsibility
Assisting
Victims of Identity Theft
Laws
and Regulations Requiring Privacy/Security
Best
Practices to Safeguard Data
Individual
Taxpayer Identification Numbers
Due
Diligence in Tax Preparation
Head
of Household Filing Status
Required
Marriage Test Supporting Documents
Required
Keeping Up a Home Test Supporting Documents
Required
Qualifying Person Test Supporting Documents
Common
Head of Household Errors
EITC
Due Diligence Requirements
Compliance
with E-file Procedures
Prohibited
Filing with Pay Stub
CPASelfstudy.com
Course Evaluation