Reviewing Individual Tax Returns: What Are You Missing?

Overview

Tips to help return reviewers quickly identify common errors that practitioners make on individual tax returns.

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 errors practitioners make on individual tax returns that are often missed by review staff. Sharpen your reviewing skills by examining case studies discussing issues for which additional information from the client may be warranted, and areas of tax law that require additional analysis and information.

Course Instructor: William Harden

Highlights

Section 199A qualified business income deduction

Home office

Hobby losses

Self-employment health insurance

Business start-up costs

Depreciation

Unreported income

Schedule C issues

Like-kind exchanges

Self-employment tax

Sections 1202 and 1244 stock

Charitable contributions of property

Prerequisites

Basic knowledge of individual income taxation

Designed For

CPA firm partners and managers tasked with reviewing individual tax returns

CPA firm staff tasked with preparing individual tax returns

CPA sole proprietors specializing in individual taxation

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 start-up costs by a new business.
Recognize some potential issues surrounding the qualified business income deduction and certain service businesses.
Determine proper tax return reporting of a like-kind exchange transaction.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.