Legislation, including H.R. 1, commonly referred to as OBBBA, has kept the federal individual tax arena on its toes. This course provides up-to-date information on critical tax issues affecting individuals, with a focus on compliance and tax planning strategies. This fast-paced, real-world session will help participants look like a hero in the eyes of their clients. Course materials include the latest legislative and IRS guidance on key tax topics.
Learning Objectives
When you complete this course, you will be able to:
- Identify which dividends are taxable.
- Identify individual retirement account (IRA) and qualified plan distributions.
- Recall how health savings accounts (HSAs) work.
- Recall the general rules of the self-employed health insurance deduction.
- Recall the deductibility of charitable contributions.
- Recall the steps to figuring the qualified business income deduction under Section 199A.
- Recall the net investment income tax (NIIT) on unearned income.
- Recognize the rules for taking advantage of the tax credits for higher education.
Major Topics
- Filing requirements and personal exemptions
- Gross income inclusions, exclusions, and adjustments
- Standard and itemized deductions
- Tax credits
- Tax provisions for high-income taxpayers
- 3.8% net investment income tax
- Roth IRA, IRA, and retirement plan options
- SECURE and SECURE 2.0 changes to retirement plan distributions
- Section 199A qualified business income deduction
- Individual tax provisions of H.R. 1, commonly referred to as OBBBA
