2024 MSCPA Annual Convention: Details

Reviewing Individual Tax Returns: What Are You Missing?

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Tuesday, April 30, 2024 @ 8:00am – 12:00pm
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Description

Navigate individual income tax law

Sharpen your reviewing skills by examining case studies discussing issues for which additional information from the client may be warranted, and areas of tax law that require additional analysis and information.

The webcast covers:

Section 199A The qualified business income deduction The home office deduction Rental properties Hobby losses Depreciation Section 179 issues Organization and start-up costs

Engage with the material through the highly illustrative case study format.

Prerequisites

Basic knowledge of, or experience with, individual taxation

Highlights

Section 199A qualified business income deduction Timeshare properties Home office Hobby losses Self-employment health insurance Business start-up costs Depreciation Unreported income Schedule C issues Like-kind exchanges Self-employment tax Sections 1202 and 1244 stock Charitable contributions of property

Objectives

  • Identify potential errors or omissions of information on tax returns.
  • Recognize planning opportunities for your clients based upon information reported on a tax return.
  • Determine the proper tax treatment for certain rental property activities.
  • Identify Section 199A qualified business income deduction opportunities and the safe harbor for rental properties.
  • Apply Section 199A regulations to specified service trade or business activities.
  • Apply IRC regulations to losses on timeshare and vacation properties.
  • Analyze the effect a home office deduction has on depreciation recapture.
  • Determine the proper tax treatment for various start-up costs by a new business.
  • Recognize the possibility that clients may not be disclosing all of their reportable income.
  • Determine proper tax return reporting of a like-kind exchange transaction.

Credits

Category Amount
Taxation 4.00