Getting Ready for Busy Season: A Guide to New Forms, Filing Issues, and Other Critical Developments

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Overview

8 Credits
IN-PERSON

Getting ready for busy season involves not only knowing the new tax rules for the current year, but also understanding how the new rules apply to current-year returns. This course provides an up-to-date review of important tax form changes, new tax forms, key developments as they are reflected in the IRS forms, and IRS filing issues and deadlines that will be invaluable to attendees who prepare tax returns for individuals, partnerships, and LLCs

Objectives

Identify new income tax returns and schedules for individual and pass-through entity clients; Understand which income tax returns and schedules have changed for individual and pass-through entities; Identify the legislative, administrative, and judicial developments that affect the income tax returns and schedules of individuals and pass-through entities

Major Topics

  • Review of the new versions of key 1040 forms and schedules for the current tax year, including Forms W-2, 1099, and other informational reporting
  • A tour of the most recent changes starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on significant recent tax legislation
  • The latest guidance on child credits, education credits, education incentives, and net capital gain and qualified dividend income rate reductions
  • Examination of troublesome areas and new stumbling blocks in preparing Form 1040, including reconciling the new Medicare tax on unearned income
  • Review of new laws and changes in old forms to provide a familiarity for the upcoming tax season
  • Retirement plans, including Roth IRAs and traditional IRA deductions
  • Hot and hidden tax topics affecting this tax season for the first time, including an overview of the new tax on Net Investment Income
  • Key new tax developments and how they impact the current-year tax forms for individuals

Designed For

Any tax practitioner preparing or reviewing individual and pass-through entity income tax returns for the current tax year

Prerequisite

Basic familiarity with tax rules relating to individual and pass-through entity taxation for the current tax year

Sessions

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Monday, January 5, 2015

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FICPA Seminar EZMaterials! Instead of picking up paper manuals at the event, you’ll be able to download the EZMaterials as searchable PDFs to your laptop, tablet or other device seven days before the event. For an additional fee you may choose to purchase a hardcopy of the seminar manuals. If requested during registration at least eight days prior to the course, your hardcopy will be available for pickup at the event. Click here for more information.