- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
This program explores farm income and expenses, which are properly reported on Schedule F and Line 18 on Schedule 1 (Form 1040), Additional Income and Adjustments to Income, as well as other types of income properly reported on Line 21 (Other Income) on Schedule 1 (Form 1040). This course is updated to reflect legislative changes included in the Tax Cuts and Jobs Act of 2017 (TCJA) signed into law by the President on December 22, 2017.
Upon successful completion of this course, the user should be able to:
properly report items of income and expense generated by a farming activity,
recognize income from the discharge of indebtedness, gambling winnings, and/or illegal activities that should be included in gross income, and
select the proper tax treatment for prizes and awards.