Preparing Complex 1040s

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Overview

8.0 Credits
ONLINE

For many clients, tax simplification is only an empty promise from politicians. Be prepared to handle the most complex individual income tax preparations. This course is updated to include changes made by the Tax Cuts and Jobs Act, with a full section on the complexities of the qualified business income deduction.

Materials are provided as an ebook.

Objectives

  • Solve complex 1040 problems
  • Design proper presentation strategies
  • Use appropriate disclosures to avoid penalties
  • Anticipate and create opportunities for tax reduction

Major Topics

  • Tax Cuts and Jobs Act changes and any additional tax legislation
  • Qualified business income deduction: who it applies to, how to deal with the limitations and planning opportunities
  • Passive losses: tracking, triggering, and grouping activities in order to reduce passive income
  • Losses limited by lack of at-risk basis
  • Calculation of NOLs for regular tax and AMT
  • Applying the net investment income tax
  • Alternative Minimum Taxation
  • Tax Deferred Exchanges under §1031

Designed For

CPAs and tax practitioners.

Prerequisite

Two or more years of experience preparing Form 1040.

Advanced Preparation

None.