Beyond the 1040
Go beyond your tax update by taking this in-depth course relating to unique tax situations faced by clients who have specialty occupations or work abroad. You’ll be walked through the proper tax reporting requirements for occupations such as clergy members, truckers, marijuana farmers, gamblers, barbers and beauticians, home flippers, Airbnb operators and beyond. You’ll also examine when workers are considered employees or independent contractors, and whether a taxpayer is truly engaged in a business or is subject to hobby loss rules. Other topics this course will cover include foreign-sourced income reporting and the tax impact of life estates.
Upon completion of this course, you will be able to:
- Summarize the reporting requirements for various specialty occupations.
- Distinguish between an employee and an independent contractor.
- Recognize options available for correcting misclassified workers.
- Distinguish between activities engaged in for profit and hobbies.
- Determine if a client qualifies for the foreign earned income exclusion.
- Differentiate between the foreign housing deduction and exclusion.
- Complete Form 2555, Foreign Earned Income.
- Identify the pros and cons of transferring property with a retained life estate.
- Determine the value of the life interest and remainder interest.
- Calculate the sale of life estate property during transferor’s lifetime.
This course includes an e-book, exam questions and interactive review questions to help you earn CPE. CPE is issued after the exam is successfully completed.