Reviewing Individual Tax Returns: What Are You Missing?
- 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
