Children, College, and Family Taxation Aspects

 
CPE Credit: 4 hours

This 4-hour webcast is designed to provide tax professionals with a thorough overview of family related tax and education issues.

Topics Covered:

· Filing status
· Change in dependency deduction per TCJA
· Tax rates
· Income inclusion and deduction taking timing
● Utilization of various tax credits
· TCJA ramifications overview
· Determining as to who is entitled to mortgage and property tax deductions
· Spousal issues
· Family issues
· United States v. Windsor and DOMA
· Spousal partnership choices
· Planning with respect to alternative minimum tax
· Special familial planning considerations from various standpoints (executives, professionals, business owners, etc.)
● Scholarships, fellowship grants, grants, and tuition deductions
● IRC §25A general discussion
● American Opportunity Tax Credit (AOTC)
● Lifetime Learning Credit (LLC)
● Student loan interest deduction
● Student loan cancellations and repayment assistance
● Tuition and fees deduction
● Coverdell Education Savings Account (ESA)
● Contents and value of partnership agreement
● Qualified tuition programs (IRC §529)
● Qualified ABLE programs (IRC §529A)
● Educational exception to additional tax on early IRA distributions
● Education savings bond program
● Employer-provided educational assistance
● Business deduction for work-related education
● Related tax forms
● Various other tax matters

Learning Objectives:

● Provide the tax practitioner with practical knowledge and planning strategies for dealing with issues involving filing status, credits and deductions as they impact traditional families.
● Provide the tax practitioner with options available relating to education expenses.
● Provide the tax practitioner with in-depth knowledge of tax benefits for education.
● Provide the tax practitioner with detailed explanation of relevant IRS Code Sections

Prerequisites:

· Basic knowledge of Form 1040 and related schedules
· Basic knowledge of the importance of appropriate due diligence when dealing with family and education taxation.