Reviewing Individual Returns: What Are You Missing?

Overview

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Navigate individual income tax law

Sharpen your reviewing skills by examining case studies discussing issues for which additional information from the client may be warranted, and areas of tax law that require additional analysis and information.

The course covers Section 199A, the qualified business income deduction, the home office deduction, rental properties, hobby losses, hiring of spouses, depreciation, Section 179 issues, organization and start-up costs and more! This course follows a highly illustrative case study format to increase participant comprehension and retention.

Highlights

Key Topics

• Section 199A qualified business income deduction
• Timeshare properties
• Home office
• Hobby losses
• Self-employment health insurance
• Business start-up costs
• Depreciation
• Unreported income
• Schedule C issues
• Like-kind exchanges
• Self-employment tax
• Sections 1202 and 1244 stock
• Charitable contributions of property

Prerequisites

Basic knowledge of individual income taxation

Designed For

Who Will Benefit

• CPA firm partners and managers tasked with reviewing individual tax returns
• CPA firm staff tasked with preparing individual tax returns
• CPA sole proprietors specializing in individual taxation

Objectives

Learning Outcomes

• Identify potential errors or omissions of information on tax returns.
• Recognize planning opportunities for your clients based upon information reported on a tax return.
• Determine the proper tax treatment for certain rental property activities.
• Identify Section 199A qualified business income deduction opportunities and the safe harbor for rental properties.
• Apply Section 199A regulations to specified service trade or business activities.
• Apply IRC regulations to losses on time share and vacation properties.
• Analyze the effect a home office deduction has on depreciation recapture.
• Determine the proper tax treatment for various start-up costs by a new business.
• Recognize the possibility that clients may not be disclosing all of their reportable income.
• Determine proper tax return reporting of a like-kind exchange transaction.