2017 Individual Federal Tax Update

Authored by Bradley Burnett
About this Course
Topics covered: Latest developments in tax reform and legislative activity; Regulatory developments from the IRS; Rule changes, court decisions and other developments that will affect 2017 returns. Upon completing this course, you should be able to: Explain the latest developments in individual taxation for 2017 Identify Donald Trump's post-election proposed tax rate for corporate repatriation tax; Differentiate tax regulations removing the 10% of AGI limitation with respect to casualty losses; Recognize the factors included in the "eight factor test to establish a loan"; Identify which rules related to the Form 1099-C Cancellation of debt was removed for info returns filed after 2016; Identify acceptable methods for allocating between land and buildings; Differentiate IRC Sections requirements with respect to like-kind exchanges; Recognize cases related to real estate active participation involved a taxpayer which successfully defended their position as a real estate professional; Identify forms during 2011-2016 companies use for tax overpayments to the IRS Identify the annual contribution limit to a Roth IRA in 2017 for individuals age 50 and older; Differentiate correct statements with respect to the Transfer Tax Legislative Outlook; Identify the projected estate and gift tax basic exclusion amount for 2018; Recognize hot issue on the IRS's radar screen; Identify the qualified hurricane distributions that may be made from any IRA or retirement account; Describe the percentage the AGI Floor for seniors with respect to medical expenses is set to increase to; Identify when 2017 returns in 2018 filing season will not be accepted as an electronically filed returns; Recognize the type of exchanges the IRS Disaster relief allows extra time to complete them for FL or GA individuals; Identify the new reporting required forms with respect to tax exempt obligations acquired after 2016 Describe income levels identifying the "Super Rich" for 2017; Identify the annual contribution limit to a traditional IRA in 2016 for those individuals younger than 50 years old; Identify a disqualified person with respect to prohibited transactions; Differentiate statutes based on the transfer tax legislative outlook standing to lose revenue Identify the annual gift tax exemption for 2017; Differentiate cases resulting in the taxpayer not being able to use the Section 529 five year forward averaging; Recognize concepts relating to the situation where a surviving spouse may use a deceased spouse's unused exclusion amount with respect to the estate tax; Identify which form with respect to the discharge of estate tax liens was revised by the IRS.
$ 36.00
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NASBA Field of Study
Bradley Burnett
CPE Credits
Basic understanding of federal income taxation concepts.
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