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Author: CCH Editorial Staff
Description:
Three major tax rates changes took effect for individuals in 2003 under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA):
(1) across-the-board reduction of income tax rates on "ordinary income,"
(2) the lowering of the maximum tax rate on most net capital gains to 15 percent, and (3) the new 15 percent maximum tax on qualified dividend income.
This tax year is complicated by transitional rules for the computation of capital gains tax, which affect not only what qualifies for the lower rate but also how gains, losses, and dividends interrelate in computing and individual's overall tax for the year.
This course will review the impact of these changes on tax return preparation and tax planning.
Topics covered include:
- Acceleration of EGTRRA's individual income tax rate cuts
- Dividend income of individuals taxed at capital gain rates
- Impact of rate changes on higher-income taxpayers
- Impact of JGTRRA on families
- Potential negative impact of JGTRRA
- Choice of Entity
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| Credit Available For: |
Units |
| CPE |
2.0 CPE |
| QAS |
2.0 CPE |
| CFP® (Accepted by the CFP Board) |
2.0 CPE |
| Enrolled Agent (Accepted by the IRS) |
2.0 CPE |
| CTEC Federal |
2.0 CE |
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Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.
Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.
CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
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