Intermediate Individual Taxation - Tax Staff Essentials

Overview

Modern tax strategies for individual clients

H.R. 1, commonly referred to as OBBBA, has reshaped the individual tax landscape, and a cascade of guidance has made it challenging to keep track of the opportunities for individuals to save on their taxes. Materials explain the latest tax law changes and the individual and business planning opportunities they provide.

You’ll gather a wealth of tax-planning tips and strategies and learn about key tax return issues, so you have the latest guidance to serve your clients better.

In this course, you’ll explore the effects of the latest tax legislative, regulatory, and court actions, including:

H.R. 1

SECURE Acts (1.0 and 2.0)

Inflation Reduction Act of 2022

U.S. Tax Court rulings

IRS guidance on the hottest tax topics affecting individual taxpayers

Part of Tax Staff Essentials Level 2

This self-study online course is part of Tax Staff Essentials Level 2, a comprehensive learning program that provides experienced staff with the advanced technical training required to work with their most sophisticated clients.

Highlights

Gains and losses on property transactions

Fringe benefits

Retirement plan distributions

Hobby losses

Home offices

Depreciation and amortization

Qualified business income under Section 199A

Passive activities

Business transactions

Prerequisites

Working knowledge of individual income taxation and Form 1040 preparation

Designed For

CPAs working with clients or employers requiring up-to-date expertise in individual income taxation

Objectives

Determine whether an activity is passive or active.
Determine the allowable deductions for vacation homes.
Determine the proper accounting method allowed for a business entity.
Determine the amounts allowable for deducting travel and transportation expenses.
Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.
Identify the rules for amortizing and expensing startup costs, intangible assets, and research and experimentation (R&E) expenditures.
Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC

Leader Bios

Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC

Deborah A. Phillips, MST, CPA, is a Senior Manager in the Flow Through Issue Practice Group (IPG) in Pre-filing Technical Guidance (PFTG) in the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS). This IPG specializes in S corporation and partnership tax issues in LB&I.

Ms. Phillips began her career with the IRS more than 31 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a respected instructor within the IRS.

Ms. Phillips earned her master’s degree in taxation from Widener University.

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