| CPE Hours: 4 (
Federal:4
) |
Publication Date: 10/10/2008 |
Cost: $40.00
|
Level: Intermediate |
Author:
Lee Reams |
|
Prerequisites: Basic Understanding of Professional Tax Preparation
Delivery Method: Self-Study
The student will learn how to apply the tax provisions of the Economic Stabilization Legislation signed into law by the President on October 3, 2008 and covers the individual and small business tax return provisions of that legislation. The legislation is a combination of several Acts including the:
- Emergency Economic Stabilization Act of 2008,
- Extenders & AMT Relief Act of 2008 and
- Energy Improvement and Extension Act of 2008
These changes will ultimately affect just about everyone.
Final Exam Grading Policy: Course material must be completed within 12 months of purchase. A score of 70% or better is needed for passing. The completion certificate will be automatically generated by the system.
This text is divided as follows:
Code Section 6694(a) Preparer Penalty Relaxed 2
Uniform Definition of a Child Modified Beginning in 2009 3
Bicycle Commuting Added to Qualified Transportation Fringe Benefits 4
Broker Reporting of Customer’s Basis in Securities Transactions 4
Home Mortgage Debt Relief Income Forgiveness 5
Shortened Lives for Certain Depreciation 6
Leasehold Improvements and Restaurant Property 6
Retail Space Improvements 6
Certain Farming Machinery & Equipment Treated as 5-Year Property 6
Indian Reservation Property 6
Review Questions - Part One 7
W-2 Wages for Qualified Film Production – Domestic production 9
Deduction for energy-efficient commercial building property 9
Tax-Free IRA Distributions for Charitable Purposes Reinstated 9
Qualified Charitable Distribution Strategies 10
Above-the-line Education Expense Deduction 11
Above-the-line Educators’ Expense Deduction 11
Review Questions - Part Two 13
Property Tax deductible for Non-Itemizers 15
State Income Tax or Sales Tax Deduction 15
Casualty floor increased to $500 for 2009 16
10%-of-AGI Limitation – Disaster Areas 16
5-Year NOL Carryback 17
Expensing Debris Removal & Demolition Expenses 17
Losses Treated as Additional Standard Deduction 18
Involuntary conversions & definition of disaster 18
Alternative Minimum Tax (AMT) Patch 19
AMT Exemption Amount for 2008 Increased 19
AMT Relief for Nonrefundable Personal Credits 19
Long-Term Unused Minimum Tax Credit 20
Review Questions - Part Three 22
Outstanding ISO-created AMT Penalty and interest Abatement 24
Refundable Child Tax Credit Increased 24
Credit for energy-efficient home modifications – Section 25C 24
Section 25D - Credit for residential energy-efficient property 27
Plug-In Electric Drive Vehicle Credit 29
Credit for building energy-efficient homes 29
Election to expense qualified environmental remediation expenditures 30
Exxon Valdez Litigation Awards Can be Income Averaged 31
Qualified film and TV production expense election 32
Review Questions - Part Four 33
By taking this course, the student will learn how to apply the tax provisions of the Economic Stabilization Legislation signed into law by the President on October 3, 2008 and covers the individual and small business tax return provisions of that legislation.
CTEC
NASBA
IRS - Enrolled Agents
