Most Accounting and Financial Professionals have been preparing individual income tax returns for years, and while many of the returns are easy, there are always a number of issues that come up in busy season of which experienced practitioners wish they had more knowledge. This course is designed to explore the tough tax issues for experienced practitioners and help them provide better planning strategies and results for their higher income clients.
Presented by Debbie Phillips, M.S.T., CPA
Target Audience
Experienced Accounting and Financial Professionals who want and need an in-depth knowledge of the most difficult individual-income-tax-return issues
Course Objectives
Understand the basics of §199A
Understand how to properly report advanced transactions in financial instruments and investments
Understand the special problems and new issues for the current return
Identify the causes of alternative minimum tax liability and what can be done to reduce or eliminate it
Subjects
New issues for the current year tax return and §199A
Installment sales — understanding the complicated issues
Form 8582: Passive losses with carryovers — Complicated case with filled-in forms
Puts, calls, straddling, and unusual investments — Understanding the tax laws and reporting them correctly on the tax return
Capital gain and loss issues — The problem with proper reporting of installment sales issues; capital gains and losses; when is a stock worthless; and much more
At-risk rules: What a return preparer really needs to know
Passive loss issues — You cannot just trust your software. What to watch out for and the questions you need your clients to answer in order to do it right!
Incentive and nonqualified stock options — Reporting; key strategies for planning; dealing with the alternative minimum tax
Alternative minimum tax — Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client
Form 6251: Detailed calculation example
Prerequisites
Extensive experience in preparation of individual income tax returns
