2024 MSCPA Annual Convention: Details

Reviewing Individual Tax Returns: What Are You Missing?

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Monday, August 19, 2024 @ 8:00am 12:00pm
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Description

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 errors practitioners make on individual tax returns that are often missed by review staff. Sharpen your reviewing skills by examining case studies discussing issues for which additional information from the client may be warranted, and areas of tax law that require additional analysis and information.

Prerequisites

Basic knowledge of individual income taxation

Highlights

Section 199A qualified business income deduction 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

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.
  • Determine the proper tax treatment for various start-up costs by a new business.
  • Recognize some potential issues surrounding the qualified business income deduction and certain service businesses.
  • Determine proper tax return reporting of a like-kind exchange transaction.

Credits

Category Amount
Taxation 4.00