Surgent's Advanced Individual Income Tax Return Issues

Objectives:

• Understand the basics of §199A
• Understand how to properly report advanced transactions in financial instruments and investments
• Understand the special problems and new issues for the current return
• Identify the causes of alternative minimum tax liability and what can be done to reduce or eliminate it

Major Topics:

• New issues for the current year tax return and §199A
• Installment sales — understanding the complicated issues
• Form 8582: Passive losses with carryovers — Complicated case with filled-in forms
• Puts, calls, straddling, and unusual investments — Understanding the tax laws and reporting them correctly on the tax return
• Capital gain and loss issues — The problem with proper reporting of installment sales issues; capital gains and losses; when is a stock worthless; and much more...
• At-risk rules: What a return preparer really needs to know
• Passive loss issues — You cannot just trust your software. What to watch out for and the questions you need your clients to answer in order to do it right!
• Incentive and nonqualified stock options — Reporting; key strategies for planning; dealing with the alternative minimum tax
• Alternative minimum tax — Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client
• Form 6251: Detailed calculation example

Designed For:

Prerequisite:

Additional Info:

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