The computer can do the calculations, but some analysis and exercise of trained judgment
is required as well. This fast-paced program offers “next step” training for accountants who
are ready to tackle complex individual tax return issues. It is entirely focused on problem
solving and application of the tax law’s complex reporting requirements. Program materials
include valuable checklists and quick reference guides to enhance efficiency and save
valuable time.
DESIGNED FOR
Accounting and financial professionals who will be working on individual income tax returns
that involve common reporting complexities. May also be suitable for public practice.
BENEFITS
- Solve tax basis problems with mutual fund redemptions and sales
- Compute the proper qualified business income deduction for an individual tax payer
- Calculate and report AMT adjustments and preferences
- Compute an individual NOL
- Identify and report tax matters associated with divorce and dependent children
- Claim “Real Estate Professional” status and make election to aggregate rental activities
- Report and claim investment interest
- Properly classify “passive activities”
- Take full advantage of Schedule C deductions
HIGHLIGHTS
- Self-employment issues—retirement plan contributions, health insurance, and self-rental
- Passive loss issues
- Calculation of individual NOL
- AMT carryforwards, carrybacks, and AMT credit
- Alimony child support, and property settlements
- 1031 exchanges
- Contribution of tangible property to various entities (corporations and partnership)
PREREQUISITES
Experience with individual tax returns.
ADVANCE PREPARATION
None