1040 Workshop 2022 ON DEMAND

Overview

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and related planning ideas.

Highlights

Tax rates and tables. Filing status. Gross income. Dividends and distributions. Discharge of debt income. Exclusions from income. Nonbusiness and personal deductions. Education and medical expenses. Casualty and theft losses. Tax credits. Landlord’s rental expenses. Health insurance costs. Home office deduction. Travel and entertainment expenses. Employee expense reimbursement and reporting. Automobile deductions. Fringe benefits. Methods of accounting. Expensing and depreciation. Amortization. Sales and exchanges of property. Home sale exclusion. Installment sales. Repossession. Involuntary conversions. At-risk rules. Like-kind exchanges. Retirement plans. IRAs. SIMPLEs. Passive loss rules. Suspension of disallowed losses under Section 469. Computing the alternative minimum tax. Minimum AMT tax credit. Reporting compliance rules and provisions. Accuracy related penalties. Information reporting penalty final regulations. Penalty for unrealistic position. Statute of limitations for assessments. Examination of returns

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Identify federal revenue tax sources citing the definitive role of gross income and determine a client’s tax liability. Recognize the tax treatment of rental property expenses specifying their impact on landlords and tenants taking into consideration the tax differences given to rent, advance payments, and security deposits. Specify the tax consequences on the sale of easements and the holding period and basis of inherited property. Identify basic income types and the “buckets” of income and loss under Section 469 that can influence what can be deducted, determine the suspension of disallowed passive losses, and recognize the special rules for transfers deemed not to be fully taxable dispositions. And so much more!