The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPA’s and tax professionals. Combine this with the potential for input error when utilizing an array of income tax software available, this creates the potential for a multitude of errors which can occur on the final tax return forms. Join us in this CPE self-study course as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff.
You will sharpen your skills as a reviewer by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law and follows a highly illustrative case study format to increase your comprehension and retention.
Format: Voiceover PowerPoint, Audio
▪ 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
▪ 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
▪ Identify allowable depreciation options for automobile expenses
▪ Recognize the possibility that clients may not being disclosing all of their reportable income
▪ Determine proper tax return reporting of a like-kind exchange transaction
▪ Identify potential employee vs. independent contractor misclassification on client tax returns
▪ Analyze the effect like-kind exchanges have on future depreciation expense deductions
CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season.