Individual Tax Workshop Day 2

General Description:

Participants will review the rules, regulations, and forms required for the filing of the individual income tax return. This program will use the Form 1040 to highlight commonly encountered problems. This is Day 2 of a two-day program. To attend the full two-day program you must register for both days, but they do not have to be taken consecutively.

Learning Objective:

After completing Day 2 of this course the participant will be able to:

• Discuss additional Schedule A deductions for individuals that itemize their deductions, including charitable contributions and deductions that are not subject to 2% AGI.
• Explain the deductibility of losses, including passive activity losses, vacation homes, office in the home, and hobby losses.
• Describe the requirements for filing Form 1099s and penalties for noncompliance.
• Calculate depreciation, including bonus depreciation, half-year and mid-quarter conventions, and §179 additional first-year depreciation.
• Determine the tax effect of transfers of property in a divorce or separation, filing status, which parent is entitled to the child care credit and child tax credit, and the proper tax treatment of payments for alimony and child support.
• Discuss recent developments in employment and self-employment tax, including Soroban Capital Partners, Denham Capital Mgt., and Sirius Solutions.
• Describe the options for distributions from qualified plans and IRAs, the effect on stretch IRAs, regulations which affect the 10-year payout, and RMDs in 2025.
• Determine the deductibility of travel and entertainment expenses.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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