Description

Catch errors on individual returns

The sheer volume of individual tax returns requiring preparation can create a work environment that invariably leads to errors or omissions. A trained eye can spot mistakes.

A case-based approach to learning return review

Two case studies focus on issues that individual return preparers and reviewers will frequently encounter in their practice:

- Section 199A (qualified business income deduction)

- Home office deduction

- Rental properties

- Hobby losses

- Organization and start-up costs

In-course application

Learners get access to two 2025 individual returns to review for:

- Errors

- Areas for improvement

- Opportunities to educate or advise the client

Developed with H.R. 1, commonly referred to as OBBBA, in mind, these returns are designed to provoke planning ideas for the modern client.

Instructor: William Harden

Target Audience

CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season

Course Objectives

· Determine the proper tax treatment for certain rental property activities.

· Distinguish between hobbies and businesses.

· Determine the proper tax treatment for various startup costs by a new business.

· Identify the warning signs that a client might have unreported income.

Subjects

· Passive-activity losses

· Qualified business income deduction

· Home office

· Schedule C activity and hobby losses

· Business startups and deductions

· Alimony

· Discharge of debt

· H.R. 1, commonly referred to as OBBBA

Prerequisites

Basic knowledge of individual income taxation