The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPA’s and tax professionals. Combine that with the potential for input error when utilizing the array of income tax software available creates the potential for a multitude of errors that can occur on the final tax return forms. Join us as we discuss the common mistakes practitioners make when preparing individual tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted, and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including passthrough K-1s, home office deduction, hobby losses, rental property, hiring spouses, depreciation, §179 deduction, amortization and more! This course follows a highly illustrative case study format to increase participant comprehension and retention.
When you complete this course you will be able to: • Identify common mistakes made on individual tax returns.
• Determine strategies to avoid making mistakes on individual tax returns.
Common errors made involving the following tax forms: • Form 1040
• Schedule A
• Schedule B
• Schedule C
• Schedule D
• Schedule E
• Form 4562
• Form 4797
Basic knowledge of individual income taxation
CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season