Technical Individual Practice Issues and Tax Forms for Experienced Practitioners (8 hours)

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Oct 6, 2020

Registration: 5:30 AM / Program: 6:00 AM - 2:00 PM Pacific Time

Fees

Member Fee: $259.00
Nonmember Fee: $259.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

Don't let the title frighten you. Experienced staff can get bogged down in busy season with advanced practice and reporting issues. This course discusses the topics that experienced staff, managers, and partners should understand in depth while also assisting experienced staff in avoiding costly mistakes when facing complicated 1040 issues. The manual includes several advanced cases with "filled-in" forms provided with the complete answers.

Designed For

CPAs in public accounting who prepare or review complex 1040 returns

Objectives

  • Recognize and understand how to handle advanced technical issues which arise in a professional practice and in preparing individual tax returns
  • Complete the tax forms for selected issues

Major Subjects

  • What’s NEW for this year -- Aimed at higher level staff issues and planning
  • Qualified Business Income -- Coverage of §199A including the real estate safe harbor, wages, basis in assets, and so on
  • A tour of the most recent forms changes, starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on significant recent tax legislation
  • How will clients (and practitioners) interact with the IRS in the future?
  • Hot, hidden, or miscellaneous developments affecting the upcoming tax season
  • Things your parents taught you?
  • Utilizing the ABLE program
  • Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas
  • Form 6198 -- At-risk basis: Detailed case study and discussion of how this form is to be used and when it needs to be filed; learn how basis and at-risk basis are different, and why this is significant
  • Form 6252 -- Installment sale income: A common tax area; however, a case study and discussion of this topic includes advanced issues such as gain on reacquisition of installment sale property, including worksheets on calculating gain & tax basis of reacquired property
  • Form 5329 -- Additional taxes on qualified plans: Advanced study of how to avoid penalties