Topics covered include: IRS modifications to COLA; Changes made to Health Savings Accounts; Changes to the tax treatment of alimony; Education related tax breaks, including the American Opportunity Credit and the Lifetime Learning Credit;
Guidance on the treatment of deductions for home equity loans and homebuyer credit recapture for first time homebuyers who file for bankruptcy; Developments impacting real estate for businesses and investors, including the treatment of capital improvements to real estate;
Treatment of forfeited deposits;
Corporate deduction for a home office; Bipartisan Budget Act of 2018 including extenders for individual and disaster relief for both individuals and businesses;
Filing a refund claim based on the wrongful incarceration;
Relief to whistleblowers;
The new tax return for seniors age 65 or over; Offshore Voluntary Disclosure Program (OVDP);
Top 12 tax scams; IRS 2017 Date Book; Interest rates on overpayments and underpayments; Audit statistics during the 2017 fiscal year;
Deadline for filing Form 5500.
Upon completing this course, you should be able to: List the modifications to COLAs for 2018;
Explain when profitable sales of real property result in capital gains or ordinary income;
Discuss the changes made by the Bipartisan Budget Act of 2018.