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?
Highlights of the webinar :
- 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
This free CPE webinar provides practitioners with the latest and most up-to-date rules to assist clients in navigating the entities that affect child dependency, the factors that influence those entities, and planning techniques so each parent is prepared for tax season.