CPE Course Library

2 hours
Certificate CTEC IRS NASBA

Critical Tax Update

A substantial tax development affecting millions of individuals, businesses, nonprofits, farmers, and every tax professional in the United States occurred in December 2015. For many years Congress had done nothing more than to extend prior tax provisions on an annual basis, but the Protecting Americans from Tax Hikes Act of 2015 (PROA) changes that. Now many tax provisions that were temporary have become permanent. Tax professionals and nonprofits will now be held to many new standards.

Topics Covered:

  • Permanent and extended tax provisions including
    • Child tax credit
    • EITC
    • K-12 teacher expenses
    • State and local general sales tax
  • Charitable giving
    • Distributions from retirement plans for charity
    • Donations of food inventory
  • Credits for jobs, investments, and innovation
    • Energy credits — business and personal
    • Depreciation — bonus and additional first-year
  • Discharge of indebtedness
  • Education expenses including 529 plans
  • IRS practice changes
    • Revised penalties and new tolerances
    • New claim for refund requirements
    • Taxpayer Bill of Rights
    • Social welfare organizations
    • Partnership audit rules
    • Interest abatement cases

Learning Objectives:

  • Understand important tax legislation affecting the filing of 2015 and later tax returns
  • Be able to assist clients in identifying tax planning strategies
  • Gain greater knowledge of IRS practice and procedure guidelines

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.