Preparing Complex 1040s  (PCR)

8.00 CPE Credit Hours

For many clients, tax simplification under the Tax Cuts and Jobs Act was ultimately an empty promise from politicians. This program is designed for the accountant who is ready to handle the most complex individual client's income tax preparation. The program will look at areas that vex CPAs when dealing with individual taxes, including the Section 199A qualified business income deduction, passive activity rules, and the net investment income tax.

Designed For
Practitioners in public practice with experience preparing 1040s.

Objective

Participants will be able to:

• Solve complex 1040 problems
• Design proper presentation strategies
• Use appropriate disclosures to avoid penalties
• Anticipate and create opportunities for tax reduction

Highlights

• Impact of any tax legislation enacted by Congress during the year
• Qualified business income deduction: who it applies to, how to deal with the limitations and planning opportunities
• Passive losses: tracking, triggering, and grouping activities in order to reduce passive income
• Losses limited by lack of at-risk basis
• Calculation of NOLs for regular tax and AMT
• Applying the net investment income tax
• Alternative Minimum Taxation
• Tax Deferred Exchanges under Section 1031

Prerequisites
General tax knowledge

Advanced Preparation
None

Developer
Kaplan Loscalzo

Presenters
Ed Zollars,

Level of Knowledge
Intermediate