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21SI-0079: Reviewing Individual Tax Returns: What Are You Missing (Self-Study)

Date Valid for one year from purchase date
Format On-Demand
CPE credits CPE 5.0
Field(s)
of study
Taxes - Technical (5.0)
Fees
Standard Member Fee $99.00
Standard Nonmember Fee $119.00

Description

Reviewers often miss common errors practitioners make on individual tax returns. This informative CPE course is designed to sharpen the reviewer's skills by:

-Examining case studies
-Discussing issues for which additional information from the client may be warranted
-Reviewing areas of tax law that require additional analysis and information.

The course covers multiple issues, Section 199A, the qualified business income deduction, the home office deduction, hobby losses, rental properties, hiring of spouses, depreciation, Section 179 issues, organization and start-up costs and more!

Product Format: Voiceover PowerPoint, Audio

Who should take this program?

CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season

Major subjects

  • Section 199A qualified business income deduction
  • Time share 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

Learning objective(s)

  • 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 busniess 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.

Notes:

Course code Code 21SI-0079
Sponsor AICPA
NASBA ID#: 112891
Level Intermediate
Format On-Demand
Prerequisites Prereq. Exposure to fundamental concepts of individual income taxation.
Advance
prep
None
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