Table of Contents
Chapter 1 - 2016/2015 Easy Update & Inflation Adjustments – Section 1
Individual
Income Tax Rates - §1
Marriage Penalty
Same-Sex Marriage
Innocent Spouse Relief - §6015(f)
Standard Deduction - §63
Dependent Limit - §63(c)(5)
Personal Exemptions & Phaseout (Expired & Reinstated) - §151
Limitation on Itemized Deductions (Expired & Reinstated) - §68
Kiddie Tax - §1(g)
AMT Exemption for Children - §59(j)
Election to Report Child’s Income on Parent’s Return - §1(g)(7)
AMT - §55
Exemption Amounts & Permanent “Patch” - §55(d)(1)
AMT Exemption Phaseout - §55(d) & §59(j)
AMT & Personal Credits
Sales Tax Deduction for Qualified Vehicles (Expired) - §164
Wage Base for Social Security & Medicare Taxes
“Making Work Pay” Credit (Expired) - §36A
Earned Income Tax Credit - §32
Disqualified Income
Means-Tested Programs
Child Tax Credit - §24
Earned Income
AGI Phaseout
Child & Dependent Care Expenses Tax Credit - §21
State & Local General Sales Taxes - §164
Educator Expenses - §62
Higher Education Tuition Deduction - §222
Dollar Limitation & Phase Out
Tuition Deduction Or Education Credit Allowed
Hope/Lifetime Election If Lower Tax
Long-Term Capital Gains & Dividends - §1(h)
Tax on Net Investment Income - §1411
Final Regulations – TD 9644
Reduced Home Sale Exclusion - §121
Computation
Nonqualified Use
Post-May 6, 1997 Depreciation
Surviving Spouse Home Sale Exclusion - §121
Residential Mortgage Debt Relief – §108
Deductible Mortgage Insurance Premiums - §163
Phaseout
Insubstantial Charitable Benefits
Household Employees - §3121
Adoption Credit - §23 & §137
Chapter 1 - 2016/2015 Easy Update & Inflation Adjustments – Section 2
Coverdell Education Savings Accounts - §530
Hope & Lifetime Learning Credits - §25A
Lifetime Learning Credit
Phase Out
Hope (with American Opportunity modifications) Credit - §25A(b)(1)
Phase Out
Refundable
Educational Savings Bonds - §135
Student Loan Interest Deduction - §221
Phase Out
Scholarships with Service Requirements - §117
Qualified Tuition Programs - §529
Higher Education Expenses
Contributions To Qualified Tuition Programs
PATH Act Modifications
Foreign Earned Income Exclusion - §911
Conservation Base Expansion - §170(b)
Definitions
Grandfathered Archer Medical Savings Accounts - §220
Medical Expense Deduction - §213
Health Savings Accounts (HSAs) - §223
High Deductible Health Plan (HDHP)
Annual Limit On Contributions
Interaction with Obamacare
Health Coverage Tax Credit (Expired) - §35(a)
Long-Term Care Premiums - §213(d)(10)
Long-Term Care Payments - §7702B(d)(4)
ABLE Accounts - §529A
Qualified ABLE Program
Contributions
Distributions
Rollover
PATH Act Modification
Affordable Care Act (Obamacare)
Supreme Court Upholds Heath Care Act
Mandates
Individual
Health Plan Coverage Credit - §36B
Employers
Small Employers - Fewer Than 50 Employees
Large Employers - 50 or More Full-time Employees
Employer Excise Tax Penalty - §4980H
Large Employer Mandate Regulations
Marketplaces & The Protecting Affordable Coverage for Employees Act
Suspension Of Medical Device Excise Tax
Energy
Credit for Energy New Efficient Home - §45L
Energy Efficient Appliance Credit (Expired) - §45M
Residential Energy-Efficient Improvements & Property - §25C
Qualified Energy Efficiency Improvements
Qualified Energy Efficient Property
PATH Act Extension
Personal Solar Property - §25D
Energy-efficient Commercial Property Expenditures - §179D
Renewable Energy Production Tax Credit - §45 & §48
Investment Credit in lieu of Production Credit - §45 & §48
PATH Act Extension
Credit For Fuel Cell Vehicles - §30B
Alternative Fuel Vehicle Refueling Property - §30C
Plug-In Electric Drive Motor Vehicle Credit - §30
Plug-in Electric Motorcycles & 3-Wheeled Electric Vehicles - §30D(g)
Advanced Energy Investment Credit - §48C
Business
Expenses for Child Care Facilities & Services - §45F
Uniformed Services Wage Credit - §45P
Health Care Coverage
Credit - §45R
Reporting - §6051(a)(14)
Bonus (or Additional First-year) Depreciation - §168(k)
Initial 50% Additional First-year Depreciation
Temporary 100% Additional First-year Depreciation
Back to 50% Additional First-year Depreciation
PATH Act Extensions & Modifications
Qualified Property - §168(k)(2)
Depreciation Limits on Business Vehicles - §168(k)(2)(F)
Nonqualified Property - §168(k)(2)
Home Office Square Footage Safe Harbor - §280A
Vehicle Depreciation “Caps” - §280F(a)
Expensing - §179
Chapter 1 - 2016/2015 Easy Update & Inflation Adjustments – Section 3
Special Film & TV Production Expensing - §181
Reporting Rental Property Expenses (Repealed) - §6041
Reporting Business Expense Payments (Repealed) - §6041
Estimated Tax Payments - §6654
Temporary 90% Limit (Expired)
Standard Mileage Rates
Self-Employment Tax & CRP Payments - §1402
Final Repair Regulations - §162
Health Insurance Deduction in Computing SE - §162
General Business Credit - §38
Five-Year Carryback of Business Credits (Expired) - §38(b)
AMT Exemption for Business Credit - §38(c)(4)
Social Security, Medicare & FUTA (or Payroll) Taxes
FICA - §3111 & §3121
Temporary Employee OASDI Cut
SECA - §1401
Temporary Sole Employer OASDI Cut
Wage Base
Additional Hospital Insurance Tax On Certain High-Income Individuals
Final Regulations – TD 9645
FUTA - §3301 & §3306
Credit for Retention of Newly Hired (Expired) - §38(b)
Research Tax Credit - §41
Incremental
Alternative Simplified Credit
Relation to §174
Qualified Expenses
Low-Income Housing Tax Credit - §42
Rate Freeze
Basis Amount
Military Allowances & Low-Income Housing - §42(h) & §142(d)
Employer-Provided Educational Assistance - §127
Parking Exclusion & Passes - §132
Bicycle Commuters Fringe Benefit - §132(f)
Cents-per-Mile Valuation Method - §61
Travel Per Diem Rates
Work Opportunity Tax Credit (WOTC) - §51
Targeted Groups
Credit Amount
Special Long-Term Family Assistance Recipients Calculation
Special Veterans Calculation as a Result of “VOW”
Leasehold Improvement, Retail Improvement & Restaurant Property - §168
Qualified 15-Year Leasehold Improvement Property - §168(e)(3)(E)(iv)
Qualified Leasehold Improvement Property
Subsequent Owner
Qualified 15-Year Retail Improvement Property - §168(e)(E)(ix)
Qualified Retail Improvement Property
15-Year Restaurant Improvement Property - §168(e)(3)(E)(v)
Qualified Restaurant Property
Expensing & Bonus Depreciation Permitted
Expensing - §179
Bonus Depreciation - 168
Recapture Considerations - §1245 & §1250
Enhanced Charitable Deduction for Food - §170
Enhanced Charitable Deduction for Books (Expired) - §170
Corporate Donation of Computer Equipment (Expired) - §170
Delay of Certain Cancellation of Debt Income (Expired) - §61
Qualified Small Business Capital Gains - §1202
75% Exclusion - February 17, 2009 to September 27, 2010
100% Exclusion - September 27, 2010, to Present
Domestic Production Activities Deduction - §199
New Markets Tax Credit - §45D
Qualified Equity Investment
Qualified Low-Income Community Investments
Qualified CDE
Credit Amount
Motorsports Entertainment Complexes - §168
Imputed Interest Small Transaction Exception - §1274
S Corporation Built-In Gain Period - §1374
S Corporation Charitable Contributions - §1367
Payments To Controlling Exempt Organizations - §512(b)
Dividends Of Regulated Investment Companies (RIC's) - §871
Retirement Plans
Defined Benefit Plans - §415(b)(1)(A)
Defined Contribution Plans - § 415(c)(1)(A)
Compensation Limit - §401, §404 & §408
IRA Contribution Limit - §219
IRA AGI Phaseout Limits - §219
Individual is an Active Plan Participant
Spouse is an Active Plan Participant
Charitable Distributions from IRAs - §408
Roth Contribution Limit - §408A(c)(2) & §219
Roth AGI Phaseout Limits - §408A(c)(3)
Rollovers to Roth IRAs
In-Plan Rollovers to Roth Accounts
Roth IRA Conversions for Retirement Plans
Designated Roth Accounts for §457 Plans
my Retirement Account (myRA) - §408A
§401(k), §403(b) & §457 Elective Deferral Limit
SIMPLE Plans
Simplified Employee Pensions (SEPs)
Contribution Limit
Compensation Limit
Retirement Savings (Saver’s) Credit - §25B
Nonspouse Rollovers - §402
Estate, GST & Gift Taxes - §2001, §2601 & §2501
Estate Tax - §2001
Repeal & Reinstatement of Estate & GST Taxes
Applicable Exemption Amount - §2010
Basis of Inherited Property - §1014
2010 Special Election
Portability - §2010(c))
State Death Tax Credit Replaced with Deduction - §2058
Real Property Valuation - §2032A
Interest on Estate Tax Installments - §6166 & §6601
Estate & Trust Income Tax Rates - §1(e)
GST Tax - §2601
Rates
Applicable Exemption Amount - §2010
Gift Tax - §2501
Reunification of Estate & Gift Taxes
Applicable Exemption Amount - §2505
Annual Exclusion for Gifts - §2503
Noncitizen Spouse Exclusion - §2523(i)(1)
Notice of Large Gifts Received from Foreign Persons - §6039F
Answers & Explanations………………………………………………………………………………….84
Glossary……………………………………………………………………………………………………93
Index of Keywords & Phrases……………………………………………………………………………..a
Exam Score Sheet…………………………………………………………………………………………..d
CPE Exam…………………………………………………………………………………………………..e