Source: https://webcpe.net/CPE-courses/9210120/tax-cpe-9210120.php?UserID=
Timestamp: 2020-08-11 16:28:27
Document Index: 195284508

Matched Legal Cases: ['§163', '§162', '§217', '§165', '§164', '§1', '§274']

Tax CPE | Online Self-Study | 1040 Workshop 2020 - Part I
Course Name: 1040 Workshop 2020 - Part I
Recognize income tax deductions and their use to reduce tax liability by: Identifying personal, spousal and dependency exemptions and reporting requirements including pre-2005 dependency rules; Specifying the deductibility of §163 interest categories, §162 educational expenses, pre-2018 §217 moving expenses, pre-2018 §165 casualty & theft losses, and §164 taxes stating their proper reporting and substantiation; Determining variables that impact the deductibility of charitable contributions, and identifying qualified organizations, permissible contributions contribution limitations, their tax treatment, and substantiation requirements; Identifying the deductibility of medical care expenses including medical insurance, meals and lodging, transportation, home improvements and lifetime care payments recognizing the impact of Medicare; Specifying deductions that are subject to the pre-2018 2% of AGI limitation, deductions not subject to the 2% limit, and nondeductible expenses.
Determine how to properly deduct travel and pre-2018 entertainment expenses by: Identifying deductible business travel expenses, a taxpayer’s tax home, if any, and work locations based on the IRS’s definition and recalling the “away from home” requirement and “sleep and/or rest” rule; Specifying the key elements of deductible domestic and foreign business travel costs recognizing the Reg. §1.162 deduction of convention and meeting expenses; Identifying §274 pre-2018 entertainment deductibility tests, determining the limits on home entertaining, ticket purchases, and meals and entertainment stating the eight exceptions to the percentage reduction rule; and Recognizing the substantiation requirements associated with business gifts, employee achievement awards, and sales incentive awards.