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
Four 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
Hiring of spouses
Depreciation, including bonus depreciation
Section 179 issues
Organization and start-up costs
In-course application
Learners get access to four 2024 individual returns and try their hand at reviewing them for:
Errors
Areas for improvement
Opportunities to educate or advise the client
Learning Objectives
- Determine the proper tax treatment for certain rental property activities.
- Distinguish between hobbies and businesses.
- Identify the warning signs that a client might have unreported income.
- Determine proper tax return reporting of a like-kind exchange transaction.
Major Topics
Qualified business income deduction
Hobby losses
Self-employment health insurance
Business start-up costs
Depreciation
Schedule C issues
Like-kind exchanges
Clean vehicle credit
