Catch errors on individual returns
The sheer volume of individual tax returns requiring preparation can create a work environment that invariably leads to errors or omissions. A trained eye can spot mistakes.
A case-based approach to learning return review
Four case studies focus on issues that individual return preparers and reviewers will frequently encounter in their practice:
Section 199A (qualified business income deduction) Home office deduction Rental properties Hobby losses Hiring of spouses Depreciation, including bonus depreciation Section 179 issues Organization and start-up costs
In-course application
Learners get access to four 2024 individual returns and try their hand at reviewing them for:
Errors Areas for improvement Opportunities to educate or advise the client
Learning Objectives
- Determine the proper tax treatment for certain rental property activities.
- Distinguish between hobbies and businesses.
- Identify the warning signs that a client might have unreported income.
- Determine proper tax return reporting of a like-kind exchange transaction.
Major Topics
- Qualified business income deduction
- Hobby losses
- Self-employment health insurance
- Business start-up costs
- Depreciation
- Schedule C issues
- Like-kind exchanges
- Clean vehicle credit
