STRI
SURGENT McCOY'S ADVANCED INDIVIDUAL INCOME TAX RETURN ISSUES
Most CPAs 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.
Major topics include:
- New Circular 230 requirements that impact preparation
- 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.
- 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..
- Passive loss issues
-- You can't just trust your software. What to watch out for, and the
questions you need your clients to answer in order to do it right!
- Miscellaneous issues
-- Flow through income and deduction issues of estates and trusts; understanding
the foreign tax credit; when legal fees are deductible; hobby loss rules;
business expense issues; and much more.
- Special forms
and elections - TDF 90.22.1; 8886 Reportable Transactions; the real
estate professional; start-up expenditures; and much more.
Designed
for: Experienced CPAs who want and need
an in-depth knowledge of the most difficult individual-income-tax-return
issues.
Level
of knowledge: Advanced
Field
of study: Taxes
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