Surgent's Technical Individual Practice Issues and Tax Forms for Experienced Practitioners
Overview
Don’t let the title frighten you. Experienced staff can get bogged down in busy season with advanced practice and reporting issues. With major legislation enacted over the past few years, we bring you the distilled version of what you need to know for the current year and significant current proposals that may impact the tax landscape in future years or even retroactively.
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 advanced examples and several advanced cases with “filled-in” forms provided with the complete answers.
Highlights
- What’s NEW for this year – Items all practitioners must know
- Form 1040 and Schedules 1 – 3
- 1099-K reporting requirements
- Qualified Business Income -- Coverage of §199A including the real estate safe harbor
- A tour of the most recent forms changes, starting from gross income and ending with selected credits, including the latest IRS guidance on significant recent tax legislation
- How will clients (and practitioners) interact with IRS in the future and how the pandemic is steering the IRS to ramp up with digital communication efforts
- Hot developments and current areas of interest
- Virtual Currency and Digital Asset Taxation
- 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
Prerequisites
Basic to intermediate-level experience in preparing Form 1040
Designed For
Accounting and Finance Professionals 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
Preparation
None
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 Surgent Professional Education.
Leader(s):
Leader Bios
Mike Frost
Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.
Non-Member Price $329.00
Member Price $279.00