Reviewing Individual Tax Returns
Presenter
James DiGesu,
Senior Wealth Advisor
Overview
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 mistakes practitioners make when preparing individual tax returns that are often missed by review staff. Refresh and hone your skills with interactive case studies that examine individual tax returns. Learn about issues that may warrant additional client information and about areas of tax law that require deeper analysis. This course follows a highly illustrative case-study format to increase participant comprehension and retention.
Learning 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 startup costs by a new business.
Major Topics:
Common errors made involving the following tax forms:
- Passive-activity losses
- Qualified business income deduction
- Home office
- Schedule C activity and hobby losses
- Business startups and deductions
- Alimony
- Discharge of debt
