Reviewing Individual Tax Returns: What Are You Missing? (Virtual)  (ITRM-VIR)

4.00 CPE Credit Hours

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPA's and tax professionals. Combine that with the potential for input error when utilizing the array of income tax software available creates the potential for a multitude of errors that can occur on the final tax return forms. Join us as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers 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. Multiple issues will be discussed including passthrough K-1s, home office issues, hobby losses, rental property, hiring spouses, depreciation, 179 issues, amortization and more! This course follows a highly illustrative case study format to increase participant comprehension and retention.

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

Objective

• Identify common mistakes made on individual tax returns
• Determine strategies to avoid making mistakes on individual tax returns.

Highlights

Common errors made involving the following tax forms:

• Form 1040
• Schedule A
• Schedule B
• Schedule C
• Schedule D
• Schedule E
• Form 4562
• Form 4797

Prerequisites
Basic knowledge of individual income taxation

Advanced Preparation
None

Developer
AICPA

Presenters
Dennis Riley,

Level of Knowledge
Intermediate