Overview

8.0 Credits
IN-PERSON

Most CPAs have been preparing individual income tax returns for years, and while many of the returns are easy, there are always a number of issues that come up in busy season of which experienced practitioners wish they had more knowledge. This course is designed to explore the tough tax issues for experienced practitioners and help them provide better planning strategies and results for their higher income clients.

Objectives

  • Understand how to properly report advanced transactions in financial instruments and investments
  • Understand the special problems and new issues for the current return
  • Understand the business loss limitation rules and how to calculate the deductible loss

Major Topics

  • Understanding the special problems and new issues for the current year tax return
  • How to determine the §199A deduction and when rental property qualifies for the §199A deduction
  • Installment sales -- understanding the complicated issues
  • Form 8582: Passive losses with carryovers -- Complicated case with filled-in forms
  • Capital gain and loss issues -- The problem with proper reporting of installment sales issues; when is a stock worthless; and much more…
  • At-risk rules: What a return preparer really needs to know
  • Passive loss issues -- You can’t just trust your software. What to watch out for, and the questions you need your clients to answer in order to do it right!
  • Incentive and nonqualified stock options -- Reporting; key strategies for planning; dealing with the alternative minimum tax
  • Alternative minimum tax -- Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client
  • The business loss limitation rules – Understanding the business loss limitation rules and the associated calculations


 

Prerequisite

Extensive experience in preparation of individual income tax returns Extensive experience in preparation of individual income tax returns

Advanced Preparation

None

Sessions

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Tuesday, January 26, 2021

General Sessions
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