Individual Tax Workshop Day 2

General Description:

Participants will review the rules, regulations, and forms required for the filing of the individual income tax return. This program will use the Form 1040 to highlight commonly encountered problems. This is Day 2 of a two-day program. To attend the full two-day program you must register for both days, but they do not have to be taken consecutively.

Learning Objective:

After completing Day 2 of this course the participant will be able to:

• Calculate depreciation, including bonus depreciation, half-year and mid-quarter conventions, and §179 additional first-year depreciation.
• Determine the deductibility of travel and entertainment expenses.
• Calculate the deduction under §199A for qualified business income.
• Calculate alternative minimum tax and identify individuals likely to be affected by AMT.
• Discuss capital gains and losses, sale of business property and Form 4797, sale of principal residence, like-kind exchanges and Form 8824, installment sales and Form 6252, basis, and the disposition of digital assets.
• Describe filing requirements, including penalties and payments of estimated tax.
• Explain the deductibility of losses, including passive activity losses, vacation homes, office in the home, and hobby losses.
• Describe the tax effect of contributions to and distributions from qualified plans, including IRAs, penalty taxes, and the required minimum distributions where death occurs after the RBD.
• Determine if income is subject to self-employment tax and the effect of CCA 202151005.
• Describe the requirements for filing Form 1099s and penalties for noncompliance.
• Calculate common refundable/nonrefundable credits.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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