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CPE Self-Study
Reviewing Individual Tax Returns: What Are You Missing?
NASBA FIELD OF STUDY
Taxes
LEVEL
Intermediate
CPE CREDITS
Online: 4.5
Gain insight into the common errors practitioners make on individual tax returns often missed by review staff.

CPE On-Demand
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Product details

Sharpen your skills as reviewers.

Who Will Benefit?

  • CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season.

Learning Objectives

  • Identify potential errors or omissions of information on tax returns.
  • Recognize planning opportunities for your clients based upon information reported on a tax return.
  • Determine the proper tax treatment for certain rental property activities.
  • Identify Section 199A qualified business income deduction opportunities and the safe harbor for rental properties.
  • Apply Section 199A regulations to specified service trade or busniess activities.
  • Apply IRC regulations to losses on time share and vacation properties.
  • Analyze the effect a home office deduction has on depreciation recapture.
  • Determine the proper tax treatment for various start-up costs by a new business.
  • Recognize the possibility that clients may not be disclosing all of their reportable income.
  • Determine proper tax return reporting of a like-kind exchange transaction.

Key Topics

  • Section 199A qualified business income deduction
  • Time share properties
  • Home office
  • Hobby losses
  • Self-employment health insurance
  • Business start-up costs
  • Depreciation
  • Unreported income
  • Schedule C issues
  • Like-kind exchanges
  • Self-employment tax
  • Sections 1202 and 1244 stock
  • Charitable contributions of property

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPA's and tax professionals. Combine this with the potential for input error when utilizing an array of income tax software available, this creates the potential for a multitude of errors which can occur on the final tax return forms.

Join us in this CPE self-study course as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff.

You will sharpen your skills as a reviewer 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 covered, including:

  • Passthrough K-1s
  • Home office issues
  • Hobby losses
  • Rental property
  • Hiring spouses
  • Depreciation
  • Section 179 issues
  • Aamortization

Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law and follows a highly illustrative case study format to increase your comprehension and retention.

Table of contents
Ratings and reviews
Author(s)

Wendy E. Kravit, CPA

Wendy Kravit, CPA, MBA started her career working for the Internal Revenue Service as a Revenue Agent. After spending a few years with the government, she left the Service and joined the faculty of Northern Illinois University where she taught federal taxation in both the undergraduate and graduate programs. She also operated a sole proprietorship in Northern Illinois where she specialized in tax and representation before the IRS. She sold her practice in Illinois and moved to Maryland in 2004 where she continues to teach and consult.

Ms. Kravit had been an active member of the Illinois CPA Society where she served on the Tax Executive Committee for many years. She was a steady member of the task force and occasionally the Chairman for the Annual Illinois CPA Society Federal Tax Conference. She has reviewed textbooks for publishers and she has written tax articles for various publications including the Tax Advisor.

Currently, Ms. Kravit is a former member of the AICPA's IRS Practice and Procedures Committee. Wendy is author of several continuing education tax courses for the AICPA.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$109.00
Member Quantity:
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Estimated total:
$109.00
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CREDIT INFO
CPE credits
Online
: 4.5
NASBA Field of Study
Taxes
Level
Intermediate
Prerequisites
Exposure to fundamental concepts of individual income taxation
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
CL4ITRM
GROUP PRICING
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
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