Federal CE
2016 2 Hours Other Taxes and Taxpayer Penalties

2016 2 Hours Other Taxes and Taxpayer Penalties

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Objectives

At the end of this lesson the student will:

  • Understand when a parent should report their child’s investment income
  • Identify the basics of lump-sum distributions
  • Know the basics of alternative minimum tax
  • Explain when a taxpayer needs to repay the premium tax credit
  • Determine how to calculate self-employment tax
  • Know how to report unreported tip income
  • Understand the taxability of excess social security
  • Identify when a taxpayer needs to pay an additional tax on IRAs
  • Explain when to use Schedule H
  • Understand when penalties may have been assessed
  • Explain why penalties may have been assessed
  • Identify the exceptions for filing a return late
  • Recognize the difference between civil and criminal penalties
  • Illustrate how long the IRS can collect an amount due from taxpayers

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