Strategies to help return reviewers quickly identify common errors that practitioners make on individual tax returns.
Learning Objectives
- Learning Outcomes
- Identify filing requirements for Form 990, Form 990-EZ, and Form 990-N.
- Recall the objectives and key terms of FASB ASC 740, *Income Taxes*.
- Identify the elements of a trust.
- Identify the warning signs that a client might have unreported income.
- Determine proper tax return reporting of a like-kind exchange transaction.
- Identify the accounts that affect the accumulated adjustments account.
- Identify which items go on page 1 of Form 1120-S and which go on Schedule K.
- Identify the mechanics of a partnership’s tax return, including partner capital account calculations and permissible tax years.
- Determine the proper allocation of recourse liabilities among partners.
