Best Overview on Individual Tax Updates 2020 (Basic)

Individual tax is one of the most productive and income generating subjects for tax practitioners. Though there are specifics available for each individual topics in Individual tax, there is a requirement for a best overview of the update every year. Qualified EA, LPA, and Advisor Mr. Jason Dinesen provides us a birds-eye view with special focus on individual tax updates including itemized deduction for 2020, comprehensive planning techniques for children of all ages, latest guidance on taxes for crypto currency and digital assets, section 199A updates, latest update on educational tax credits, and key tips to reduce taxes for your clients in this comprehensive live webinar. This webinar would not only give you a highlight of the tax for your individual tax clients, but also prove to be a real winner to be the best tax practitioner. 

Session-1: INDIVIDUAL TAX UPDATE 2020

Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. This practical webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. This course covers all the aspects with regard taxation and latest developments in tax laws. It includes basic formulas and methods that how the income tax is calculated. Further there are which deductions are available for individual tax clients which helps to minimize tax burden of your clients. You will come to know latest amendments from this course and enhance your knowledge to serve best to your individual tax clients.

MAJOR TOPICS COVERED

• Essentials of Income Taxation
• Basic Formulas for calculating Income tax
• Various types of tax years
• Identification of income and deduction with examples
• Incomes and Exclusions
• Factors affecting and determining filing status
• General tax concepts
• Estimated Payments
• Credits

Session-2: CHILDREN OF ALL AGES - COMPREHENSIVE PLANNING TECHNIQUES (NEW)

In light of the Tax Cuts and Jobs Act, this course offers practitioners planning techniques with regards to children. Many clients who are parents are unsure of how to navigate dependency exemptions due to foreseen and unforeseen changes in their lives. What are clients’ options when they marry a person who has children from a prior relationship? What happens should those parents then divorce? Can the stepparent still claim the children as dependents? And if not, what options are available to the stepparent instead?

MAJOR TOPICS COVERED: 

• Learning about tax rules as they pertain to claiming children as dependents in varying degrees of life circumstances i.e., birth children, adopted children, and stepchildren
• Identifying the factors that affect dependency such as divorce and issues of custody : Dependency Exemption, Head of Household Status, Earned Income Credit, Child Tax Credit, Child Dependent Care Credit
• Navigating options to which parents are entitled when they are unable to continue claiming children as dependents as a result of divorce : Form 8332
• Understanding the definition of a qualified child and learning the 5 tests of qualifications: Child’s relation to taxpayer, Age, Child’s location and length of residency with taxpayer, Child support, Joint return restriction

Session-3: TAXES ON CRYPTOCURRENCY & DIGITAL ASSETS WITH LATEST IRS GUIDANCE

Blockchain technology and cryptocurrencies such as bitcoin and ether are two trending topics in the fin-tech world. Yet, few business professionals can grasp the intricacies, opportunities, and challenges posed by this new technology. Millions of crypto traders are searching daily for tax professionals with expert knowledge of crypto taxation. This free CPE webinar provides you with the up to date training and answers you need to ad crypto tax prep to your practice.

Average return fees are 400% higher for crypto returns. A limited supply of crypto tax experts = more clients for you!

MAJOR TOPICS COVERED: 

• What block-chain is? 
• What you can do with it?
• How to treat the tax returns of your clients who are active in the cryptocurrency market?
• What is “cryptocurrency” (i.e., Bitcoin)?
• How the U.S. federal tax system treats common property dispositions and how those rules relate to analogs in cryptocurrency. 

This session also covers current developments surrounding this topic, and especially on how to successfully navigate through tax notices such as :

• CP200
• Letter 6173
• Letter 6174
• Letter 6174-A

This session should prepare you to take on clients in block-chain businesses as well as ensure that you understand the full compliance measures to give tax advice and complete tax returns for any cryptocurrency use situation by your clients.

Session-4: ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES

• The American Opportunity Credit
• The Lifetime Learning Credit,
• The deduction for tuition and fees.
• Section 529 College Savings Plans.
• Case studies & Tax planning strategies.

• HSA’s and HRA’s to reduce medical costs
• Use of the new version of Kiddie Tax
• IRS agents’ hit list including Meals & Travel
• Like-Kind Exchanges – IRC 1031 – The Best Tax Shelter ever
• IRC 121 – Exclusion of gain on sale of personal residences
• Medical Dependents – A missed opportunity to save families money
• Reasonable compensation – Save Payroll Taxes while generating QBI deductions
• Understanding IRC 754 to avoid malpractice