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Overview

4.0 Credits
ONLINE

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 many errors that can occur when preparing your client’s tax return. 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 and discussing issues for which additional information from the client may be warranted, as well as areas of tax law that require further analysis and information.

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.
• 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

 

Major Topics

• Section 199A qualified business income deduction
• 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

 

Prerequisite

Basic knowledge of individual income taxation

Sessions

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Monday, November 18, 2024

General Sessions