2014 Federal Tax Workbook Topics

Chapters for these volumes are still being written; therefore, chapter content is subject to change. More detailed information will be available in July.

Volume A: Tax Update and Ethics

  • Affordable Care Act Update
    • Net investment income
    • Additional Medicare tax update
    • Individual mandate
    • Cost subsidies
    • Employer mandate
    • Form 1095
    • Penalty calculations for individuals and employers
    • Effects on small business owners
  • Ethical Considerations
    • Best practices
    • ACA abuse potential
    • Information security
    • Issues related to 1099s, W-2s, and reasonable compensation
  • Agricultural Issues and Rural Investments
    • Conservation and pipeline easements
    • Hedging and speculation
    • ACA's impact on farming business and employees
    • Gifting of grain and payment-in-kind
    • Defining farm income under various provisions
    • Proper use of Schedule F
    • Schedule J and income averaging
  • IRS Representation and Procedures
    • Audit reconsiderations
    • 1099-K letters to taxpayers
    • TIGTA reports
    • Earned income credit
    • Education credit
  • Marriage Tax Aspects
    • Impact of marriage on taxes
    • Penalties that affect married couples
    • Changing filing status (MFS/MFJ)
    • Joint and several liability
    • Same-sex marriage issues
  • Capitalization or Repair
    • TD 9636
    • Definition of property
    • Repair or improvement
    • Safe harbors
    • Materials and supplies

Volume B: Entities and Advanced 1040 Issues

  • Rulings and Cases. Includes important cases and IRS rulings and announcements occurring between September 2013 and August 2014
  • Entity Selection
    • Initial formation
    • Liability protection for the business and business owner
    • Taxation of business entities
    • Entity family business considerations
    • Taxation of fringe benefits
    • Entity selection scenarios
  • Small Business Issues
    • Accrual of income
    • Trust fund recovery penalty
    • Relief for late S corporation elections
    • Tax aspects of franchises
  • Passive Activities
    • Importance of material participation
    • Material participation for trusts and estates
    • Income  recharacterization rules
    • Use of grouping rules for material participation
    • Limitations on deduction of losses
    • Use of Form 8582, Passive Activity Loss Limitations
    • Real estate professionals
  • Individual Taxpayer Issues
    • Master limited partnerships
    • Claim of right
    • Qualified tuition program
    • Health FSA—change to “use-or-lose” rules
    • Life insurance taxation issues
    • Schedule H issues

Volume C: 1040 Issues

  • Special Taxpayers
    • Professional employees (Form 2106)
    • Buyers and sellers of securities
    • Armed forces reservists
    • Internet businesses
    • Homeowners
  • Elder Issues
    • Long-term care considerations
    • Reverse mortgages
    • Health insurance coverage and related tax reporting
    • Medicare (Parts A, B,  and D)
    • Medicaid rules and recent changes
    • Veterans’ health coverage
    • Tax issues related to health insurance and medical expenses
    • Tax issues regarding household employees
    • Retirement income and other financial matters
  • Capital Gains and Losses
    • Preparation of Form 8949
    • Preparation of Schedule D
  • Net Operating Losses
    • Calculating the NOL
    • Carryback and carryforward rules
    • Form 982 adjustments to NOLs
    • Pass-through entities
  • Select Rules for Retirement Plans
    • Basis in traditional IRAs
    • Common Form 1099-R problems and corrective action
    • Excess contributions
    • IRC §72(t) penalty and exceptions

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

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