Objective
- Recognize and understand how to handle advanced technical issues which arise in a professional practice and in preparing individual tax returns
- Complete the tax forms for selected issues
Highlights
- What’s NEW for this year – Items all practitioners must know
- Form 1040 and Schedules 1 – 3
- 1099-K reporting requirements
- Qualified Business Income -- Coverage of §199A including the real estate safe harbor
- A tour of the most recent forms changes, starting from gross income and ending with selected credits, including the latest IRS guidance on significant recent tax legislation
- How will clients (and practitioners) interact with IRS in the future and how the pandemic is steering the IRS to ramp up with digital communication efforts
- Hot developments and current areas of interest
- Virtual Currency and Digital Asset Taxation
- 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
Designed For
Accounting and Finance Professionals in public accounting who prepare or review complex 1040 returnsPrerequisite
Basic to intermediate-level experience in preparing Form 1040Advanced Preparation
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