2016-2017 Easy Update - 3 CPE Credit Hours

This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and way for professionals and staff alike to easily get the “big chunks” and bring their professional knowledge up to speed.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Recommended Credits: 3 CPE Hours 

Advanced Preparation: None

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Tax brackets

* Tax credits

* Deductions

* Education credits

* Energy credits

* Retirement plan contribution and phaseout limits

* Gift and estate taxes

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize the various issues affected by inflation and recent tax law changes especially as they relate to individual income taxes noting the various income tax brackets, the kiddie tax, the AMT phaseout limits and contribution limits to HSAs, and identify the mechanics of selected income tax credits, including education and energy credits.

2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including bonus depreciation, expensing, standard mileage rates, work opportunity credit, and S corporation developments.

3. Specify differences between various retirement plans, including inflation adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining interest on estate tax installments.

After studying the materials, answer the exam questions 1 to 15.

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