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 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.

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

Prerequisites

Basic knowledge of individual income taxation

Designed For

CPA firm partners and managers tasked with reviewing individual tax returns

CPA firm staff tasked with preparing individual tax returns

CPA sole proprietors specializing in individual taxation

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.

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

William Harden

Leader Bios

William Harden

Bill is an Associate Professor in the Bryan School of Business and Economics at the University of North Carolina at Greensboro where he teaches tax courses on flow-through entities, individual and corporate tax, tax research, IRS practices, and ethics. Bill has over twenty years of experience in taxation. He began his public accounting career in 1990 in the Dallas office of one of the Big Six accounting firms. In addition to his university teaching, Bill consults on tax and financial planning issues and maintains a sole practice in North Carolina, focusing on taxation and financial consulting for small businesses and individuals. Bill has testified before the House Ways and Means Oversight Sub-Committee on Internet taxation issues. He was the recipient of a Lybrand Certificate of Merit in 2002. Bill has been involved in CPE instruction for over a decade. He received NCACPA outstanding instructor awards in 2009, 2010, 2011, and 2013. Bill has authored over 30 publications in tax accounting and financial planning journals, including the Journal of Financial Service Professionals, Strategic Finance, National Tax Journal, Journal of Business Finance and Accounting, Tax Notes, Tax Advisor, and Journal of the American Society of CLU and ChFC. Mr. Harden is currently a member of the American Accounting Association, the American Taxation Association, the National Tax Association, and the North Carolina Association of CPAs.

Return to Top