Tax Staff Essentials - Individual Taxation Bundle

This product has been updated to reflect changes under H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act or OBBBA.

Building your skills in individual taxation planning

Establishing a strong set of core skills is necessary for all areas of individual client service. You’ll learn ways to use concepts during tax planning to reduce taxes for individual clients by examining basic and intermediate topics, including:

• Income
• Deductions
• Credits
• Passive losses

Tips to help clients maximize their tax benefits

You’ll pick up tips to advise clients on the tax implications of the following:

• Sales of capital gain assets
• IRA conversions
• Self-employment

Staying current on the latest in tax reform

You’ll dive into the latest guidance relevant to CPAs with individual clients, including:

• IRS revenue procedures and U.S. Tax Court cases
• Changes to the beginning age of required minimum distributions (RMD)
• Available conversions from 529 plans to Roth IRAs
• Other changes made by SECURE and SECURE 2.0

Courses in this series include:

• Individual Tax Fundamentals
• Intermediate Individual Taxation

Who Will Benefit

CPAs working with individual tax clients

Key Topics

• Standard and itemized deductions
• Tax credits
• Roth IRA, IRA, and retirement plan options
• SECURE and SECURE 2.0 changes to retirement plan distributions
• Section 199A qualified business income deduction
• Gains and losses on property transactions
• Hobby losses
• Depreciation and amortization

Learning Outcomes

• Identify which dividends are taxable.
• Identify individual retirement account (IRA) and qualified plan distributions.
• Recall the general rules of the self-employed health insurance deduction.
• Recall the steps to figuring the qualified business income deduction under Section 199A.
• Recall the net investment income tax (NIIT) on unearned income.
• Determine whether an activity is passive or active.
• Identify the rules for amortizing and expensing start-up costs, intangible assets, and research and experimentation expenditures.
• Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.