Event Description

The computer can do the calculations, but some analysis and exercise of trained judgment is required as well. This fast-paced program offers “next step” training for accountants who are ready to tackle complex individual tax return issues. It is entirely focused on problem solving and application of the tax law’s complex reporting requirements. Program materials include valuable checklists and quick reference guides to enhance efficiency and save valuable time.

Designed For

Accounting and financial professionals who will be working on individual income tax returns that involve common reporting complexities. May also be suitable for public practice.

Objectives

Participants will be able to: Solve tax basis problems with mutual fund redemptions and sales Compute the proper qualified business income deduction for an individual tax payer Calculate and report AMT adjustments and preferences Compute an individual NOL Identify and report tax matters associated with divorce and dependent children Claim “Real Estate Professional” status and make election to aggregate rental activities Report and claim investment interest Properly classify “passive activities” Take full advantage of Schedule C deductions

Major Subjects

Self-employment issues-retirement plan contributions, health insurance, and self-rental Passive loss issues Calculation of individual NOL AMT carryforwards, carrybacks, and AMT credit Alimony child support, and property settlements 1031 exchanges Contribution of tangible property to various entities (corporations and partnership)

Prerequisites

PREREQUISITES Experience with individual tax returns