Description
The sheer volume of individual tax returns requiring preparation can create a work environment that invariably leads to errors or omissions. This course will enable tax return reviewers to quickly identify common errors practitioners make on individual tax returns.
Designed For
- 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
- 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.
Highlights
- 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