Surgent's Technical Individual Practice Issues and Tax Forms for Experienced Practitioners

Thursday, January 13, 2022
Webcast or Webinar, Online
11:30AM - 7:30 PM (opens at 11:00AM) EST
8Credits
Technical Business

Registration is Closed

Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.

Members
$259.00 Regular Price
Non-Members
$379.00 Regular Price
Course Type: Webcast
Course Code: 21/SUATFI05
Level: Advanced
Vendor: Surgent
Field of Study: Taxes

Overview:

Don't let the title frighten you. Experienced staff can get bogged down in busy season with advanced practice and reporting issues. 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.

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

Major Topics:

  • What’s NEW for this year – Items all practitioners must know
  • The “revised” Form 1040 and Schedules 1 – 3
  • 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 alternative minimum tax (AMT) and selected credits, including the latest IRS guidance on significant recent tax legislation
  • How will clients (and practitioners) interact with IRS in the future?
  • Hot, hidden, or miscellaneous developments affecting the upcoming tax season
  • Advanced practice issues
  • Things your parents taught you?
  • 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

Major Topics:

  • What’s NEW for this year – Items all practitioners must know
  • The “revised” Form 1040 and Schedules 1 – 3
  • 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 alternative minimum tax (AMT) and selected credits, including the latest IRS guidance on significant recent tax legislation
  • How will clients (and practitioners) interact with IRS in the future?
  • Hot, hidden, or miscellaneous developments affecting the upcoming tax season
  • Advanced practice issues
  • Things your parents taught you?
  • 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

Designed For:

CPAs in public accounting who prepare or review complex 1040 returns

Prerequisties:

Basic to intermediate-level experience in preparing Form 1040