Table of Contents
Introduction ... vi Course Description ... vi Course Learning Objectives ... vi
... 1-1 Lesson 1
2014 Federal Tax Legislation and Continuing Changes, 2015 Tax Planning ... 1-1 2014 Federal Tax Legislation ... 1-3 Pension Plan Limitations ... 1-6 Affordable Care Act Tax Provisions for Individuals ... 1-8 Affordable Care Act Tax Provisions Employers ... 1-18 Same-Sex Married Couples ... 1-19 Other 2014 Tax Update Information ... 1-20 Tax Credits and Deductions Updates ... 1-24 Gift and Estate Tax... 1-30 Section 179 Deduction ... 1-34 Tax Court Decisions ... 1-36 Revenue Procedures ... 1-37 2015 Tax Planning ... 1-37 Affordable Care Act Tax Provisions ... 1-38 Review ... 1-39 Review Questions ... 1-39 Review Feedback ... 1-41
... 2-1 Lesson 2
Taxable Income, Personal Exemption, Filing Information ... 2-1 Who is Subject to the Tax ... 2-1 Taxable Income ... 2-4 Personal Exemption ... 2-5 Filing Status ... 2-13 Special Filing Situations ... 2-18 Future Tax Returns ... 2-28 Extensions ... 2-29 Amended Returns ... 2-30 Filing Dates ... 2-32 Review ... 2-34 Review Questions ... 2-34 Review Feedback ... 2-36
... 3-1 Lesson 3
Compensation, Dividends, Interest, Other Income, Social Security ... 3-1 Compensation ... 3-1
Dividends ... 3-1 Interest Subject to the Tax ... 3-5 Unemployment and Other Compensation ... 3-7 Special Rules for Certain Employees ... 3-18 Passive Income ... 3-18 Rental Income ... 3-19 Separation or Divorce Income ... 3-20 Social Security and Medicare Taxes ... 3-21 Pensions and Annuities ... 3-23 Review ... 3-25 Review Questions ... 3-25 Review Feedback ... 3-27
... 4-1 Lesson 4
Exclusions, Other Employee Compensation Deductions for Adjusted Gross Income, Retirement Income ... 4-1 Exclusions ... 4-1 Deductions for Adjusted Gross Income ... 4-3 Individual Retirement Arrangements (IRAs) ... 4-4 Coverdell Education Savings Accounts (CESA) ... 4-16 Health Savings Account Deduction ... 4-19 Other Expenses... 4-20 Other Employee Compensation ... 4-25 Review ... 4-30 Review Questions ... 4-30 Review Feedback ... 4-32
... 5-1 Lesson 5
Standard Deduction, Itemized Deductions ... 5-1 The Standard Deduction ... 5-1 Special Rules on the Standard Deduction ... 5-2 Itemized Deductions ... 5-4 Medical Expenses ... 5-5 Taxes ... 5-8 Interest ... 5-17 Contributions ... 5-19 Casualty and Theft Losses ... 5-21 Job Expenses and Other Miscellaneous Deductions... 5-23 Review ... 5-33 Review Questions ... 5-33 Review Feedback ... 5-34
... 6-1
Lesson 6
Credits ... 6-1 Earned Income Credit ... 6-2 Earned Income Credit (EIC) Limitations... 6-5 Child and Dependent Care Credit ... 6-7 Child Tax Credit ... 6-8 Additional Child Tax Credit ... 6-9 Credits and Deductions for Higher Education Tuition and Related Expenses ... 6-10 American Opportunity Tax Credit (AOC) and Lifetime Learning Credit ... 6-10 Affordable Care Act Tax Provisions ... 6-13 Adoption Credit ... 6-15 Credit for the Elderly or the Permanently and Totally Disabled ... 6-16 Retirement Savings Contribution Credit (Saver’s Credit)... 6-17 Other Tax Credits ... 6-18 Review ... 6-20 Review Questions ... 6-20 Review Feedback ... 6-21
... 7-1 Lesson 7
Capital Gains and Loss, Sale of Personal Residence, Alternative Minimum Tax ... 7-1 Capital Gains and Losses ... 7-4 Sale of Personal Residences ... 7-8 Alternative Minimum Tax ... 7-12 Review ... 7-14 Review Questions ... 7-14 Review Feedback ... 7-15
... 8-1 Lesson 8
Sole Proprietor and Small Business Taxation, Business Use of the Home, Household Employee Taxes, Farming Taxation, Rents, Depreciation ... 8-1 Schedule C-EZ ... 8-4 Schedule C - Profit or Loss From Business ... 8-4 Self-Employment Tax ... 8-13 Special Rules and Exceptions ... 8-14 Household Employment - Schedule H ... 8-17 Farming Taxation - Schedule F ... 8-18 Rents and Royalties ... 8-19 Depreciation ... 8-19 Section 179 Election ... 8-29 Review ... 8-31 Review Questions ... 8-31 Review Feedback ... 8-33
... 9-1
Lesson 9
Corporation and Partnership Filing Information ... 9-1 Corporation Filing Information ... 9-1 Partnership Filing Information ... 9-9 Review ... 9-15 Review Questions ... 9-15 Review Feedback ... 9-16
... 10-1 Lesson 10
S Corporations, Limited Liability Companies (LLC) ... 10-1 S Corporations ... 10-1 Limited Liability Company (LLC) ... 10-7 Review ... 10-10 Review Questions ... 10-10 Review Feedback ... 10-11
... 11-1 Lesson 11
Tax Forms, Filing Dates, Electronic Filing, Administration, Penalties ... 11-1 Tax Forms ... 11-1 Filing Dates, Electronic Filing, Tax Payment ... 11-2 Determining and Paying the Tax ... 11-3 Electronic Filing (IRS e-File) ... 11-3 Installment Agreements ... 11-4 Administration ... 11-4 Amended Returns and Claims for Refund ... 11-6 Form W-4 - Employee's Withholding Allowance Certificate ... 11-6 Form W-2 - Wage and Tax Statement ... 11-9 Form W-3 - Transmittal of Wage and Tax Statements ... 11-10 Various Form 1099 ... 11-11 Civil Penalties ... 11-12 Failure to File ... 11-12 Accuracy ... 11-12 Fraud ... 11-12 Criminal Prosecution ... 11-13 Review ... 11-14 Review Questions ... 11-14 Review Feedback ... 11-15
... 12-1 Lesson 12
Professional Responsibilities, Ethics, Penalties ... 12-1 Practice Before the IRS ... 12-2 Sarbanes-Oxley Act of 2002 ... 12-7 Rules for Tax Preparers – Circular 230... 12-7 Subpart A ... 12-8
Subpart B ... 12-15 Subpart C ... 12-20 Subpart D ... 12-22 Subpart E ... 12-26 Individual Income Tax Penalties ... 12-26 Tax Return Preparer Penalties ... 12-27 Review ... 12-31 Review Questions ... 12-31 Review Feedback ... 12-33 Bibliography ... I Index ... VII Examination Instructions - 24 Hour Federal Tax Law ... EX-1 Examination Questions - 3 Hour Federal Tax Updates ... EX-2 Lesson 1 ... EX-2 Examination Questions - 19 Hour Federal Tax Law ... EX-5 Lesson 2 ... EX-5 Lesson 3 ... EX-8 Lesson 4 ... EX-11 Lesson 5 ... EX-12 Lesson 6 ... EX-14 Lesson 7 ... EX-15 Lesson 8 ... EX-16 Lesson 9 ... EX-17 Lesson 10 ... EX-18 Lesson 11 ... EX-19 Examination Questions - 2 Hour Ethics ... EX-21 Lesson 12 ... EX-21 Answer Sheet ... AS-1 Course Evaluation ... CE-1
