Reviewing Individual Tax Returns: What Are You Missing?

Overview

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPAs and tax professionals. These provisions combined with the potential for input error when utilizing the array of income tax software available, create the potential for a multitude of errors that can occur when preparing your client’s tax return. Join us as we discuss the common mistakes practitioners make when preparing individual tax returns that are often missed by review staff. Refresh and hone your skills with interactive case studies that examine individual tax returns. Learn about issues that may warrant additional client information and about areas of tax law that require deeper analysis. This course follows a highly illustrative case study format to increase participant comprehension and retention.

Objectives

When you complete this course, you will be able to:

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.

Determine the proper tax treatment for various start-up costs by a new business.

Highlights

Common errors made involving the following tax forms:

Passive-activity losses

Qualified business income deduction

Home office

Schedule C activity and hobby losses

Business startups and deductions

Alimony

Discharge of debt

Designed For

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

Prerequisites

Basic knowledge of individual income taxation

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Arthur Auerbach, Surgent McCoy CPE, LLC

Leader Bios

Arthur Auerbach, Surgent McCoy CPE, LLC

Arthur Auerbach, CPA, CGMA is an independent tax consultant located in Atlanta, Georgia, specializing in tax consulting and estate and financial planning for individuals and closely held businesses. He is affiliated with the Asbury Law Firm as a consultant. He is a member of the Georgia, Virginia, New York, and Greater Washington CPA societies. Art was appointed to the AICPA Tax Executive Committee for a three-year term beginning February 1, 2018, and ending May 31, 2021. Beginning in May 2021, Art was appointed to be a member of the AICPA Tax Practice and Procedure Committee. He is an active member of the Georgia Society of CPAs and serves on the Georgia Department of Revenue Commissioners Advisory Group, the Financial Literacy Task Force, and Leadership Council, in addition to chairing the GSCPA Federal State Tax Task Force. He is also a member of the Virginia Society’s Tax Committee. He has served as an advisor to the District of Columbia Office of Tax and Revenue and the Tax Commissioners Advisory group in Virginia. Art is a nationally recognized speaker on a variety of tax topics offered for continuing education for CPAs and financial planners. He has authored several publications and articles. Art is licensed in Georgia, Virginia, District of Columbia, and New York, and he is a life member of the American Institute of CPAs.

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