- NY Credits : 6.0
- TX Credits : 6.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 6.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 6.0
This course is a comprehensive discussion of individual tax preparation in the context of community property laws. It begins with what is considered to be 'married' per the IRS, including same-sex marriages. The course covers community versus separate property income, spouses living apart, innocent spouse relief and filing separately considerations. It discusses retirement contributions and distributions. Proprietorships and partnership reporting issues on individual tax returns are also discussed in-depth within the context of community property laws. As an intermediate level course, this course is most beneficial for professional with a detailed knowledge in community property taxation and/or experience at a mid-level position within an organization with operational or supervisory responsibilities, or both. This course has been updated to include the relevant tax provisions of the Tax Cuts and Jobs Act of 2017. Consideration of the latest tax code changes within limits of available authoritative sources at the time of revision of the materials has been incorporated.
Upon successful completion of this course, the user should be able to:
identify who is subject to community property laws,
describe the community property tax return advantages for married filing separate or joint returns,
explain the basis rules in community property situations,
discuss the differences between Texas and California community property rules, and
summarize self-employment tax issues of community property spouses.