Description
The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPAs and tax professionals. These provisions combined with the potential for input error when utilizing the array of income tax software available, create the potential for a multitude of errors that can occur when preparing your client's tax return.
Join us as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff. 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.
- Qualifies for IRS CE Credit
Designed For
Objectives
When you complete this course you will be able to:
- Identify common mistakes made on individual tax returns.
- Determine strategies to avoid making mistakes on individual tax returns.
- 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.
- Determine the proper tax treatment for various start-up costs by a new business.
- Recognize some potential issues surrounding the qualified business income deduction and certain service businesses.
- Determine proper tax return reporting of a like-kind exchange transaction.
Highlights
Common errors made involving the following tax 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
Advanced Prep
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
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Leaders
William Taylor
William (Bill) F. Taylor, CPA is a professional speaker and a CPA with a small tax and consulting practice. Bill is also an Adjunct Assistant Professor in the Masters of Business Administration program at the University of Mississippi. He recently retired as President of Renasant Bank in Water Valley, MS.
Bill has worked in the Accounting, employee benefit and investment fields for over 25 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Institute of Certified Public Accountants, the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations and other organizations. He was awarded the AICPA Outstanding Discussion Leader award multiple times and the James L. McCoy Discussion Leader of the Year Award from Surgent CPE . Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.