The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPAs and tax professionals. The review stage of preparing a return serves as a critical backstop to prevent errors in clients' returns. This case study-based course addresses common mistakes practitioners make when preparing individual tax returns that are often missed by review staff. Learners will review four sample returns and identify both errors and areas of opportunity. They'll also discover issues that may warrant additional client information and about areas of tax law that require deeper analysis.
Learning Objectives
When you complete this course, you will be able to: • Determine the proper tax treatment for certain rental property activities.
• Distinguish between hobbies and businesses.
• Identify the warning signs that a client might have unreported income.
• Determine proper tax return reporting of a like-kind exchange transaction.
Major Topics
Qualified business income deduction • Hobby losses
• Self-employment health insurance
• Business start-up costs
• Depreciation
• Schedule C issues
• Like-kind exchanges
• Charitable contributions of propert
