This course is specifically for Enrolled Agents that need to report to the IRS.

While the nuclear family remains the centerpoint of society, today it is under tremendous economic and social pressure. This mini-course is designed to cover “hot” topics having a direct impact on the practitioner who represents any client with family issues. The emphasis is on using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

• Filing status & exemptions
• Divorce costs
• Child, dependent care & adoption credits
• Education expenses, credits & deductions
• Medical costs
• Charitable contributions
• Casualty & theft losses
• Home sales & mortgage interest
• Property rights
• Elderly, disabled & estate planning

Learning Objectives

After reading the materials, participants will be able to:

1. Describe the effect of marital status on filing status, determined the advisability of filing a joint return enlight of the innocent spouse rules, list available exemptions, and differentiate between deductible and nondeductible divorce costs
2. Clarify the costs and fees that qualify for the tax credit for adoption expenses and for education credits, such as the HOPE credit, identify the requirements for dependent care assistance, and explain to clients the contribution limits for Coverdell ESAs
3. Point out the medical cost deductions available to clients and discuss with them home mortgage interest and moving expense deductions, and explain the taxation of interspousal transfers, including §1041 transfers and property settlements.

Revision Date: 2/15/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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