This course discusses the topics that experienced staff, managers and partners should understand in depth while also assisting in avoiding costly mistakes when facing complicated 1040 issues. The manual includes several advanced cases with "filled-in" forms provided with the complete answers.
DESIGNED FOR
CPAs in public accounting who prepare or review complex 1040 returns.
BENEFITS
- Recognize and understand how to handle advanced technical issues which arise in preparing individual tax returns
- Complete the tax forms for selected issues
HIGHLIGHTS
- What’s NEW for this year - Aimed at higher level staff issues and planning
- Qualified Business Income - Coverage of 199A including the real estate safe harbor, wages, basis in assets, and so on
- A tour of the most recent forms changes, starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on significant recent tax legislation
- How will clients (and practitioners) interact with the IRS in the future?
- Hot, hidden, or miscellaneous developments affecting the upcoming tax season
Things your parents taught you?
- Utilizing the ABLE program
- Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas
- Form 6198 - At-risk basis: Detailed case study and discussion of how this form is to be used and when it needs to be filed; learn how basis and at-risk basis are different, and why this is significant
- Form 6252 - Installment sale income: A common tax area; however, a case study and discussion of this topic includes advanced issues such as gain on reacquisition of installment sale property, including worksheets on calculating gain & tax basis of reacquired property
- Form 5329 - Additional taxes on qualified plans: Advanced study of how to avoid penalties
COURSE LEVEL
Advanced
PREREQUISITES
Basic to intermediate-level experience in preparing Form 1040.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- This seminar qualifies for IRS credit.
Course materials are distributed electronically. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.