Surgent's Advanced Individual Income Tax Return Issues
Overview
Most accounting and financial professionals 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.
Highlights
- New issues for the current year tax return and §199A
- Installment sales — understanding the complicated issues
- Form 8582: Passive losses with carryovers — Complicated case with filled-in forms
- 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...
- At-risk rules: What a return preparer really needs to know
- Passive loss issues — You cannot just trust your software. What to watch out for and the questions you need your clients to answer in order to do it right!
- 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
- Form 6251: Detailed calculation example
Prerequisites
Extensive experience in preparation of individual income tax returns
Designed For
Experienced Accounting and Financial Professionals who want and need an in-depth knowledge of the most difficult individual-income-tax-return issues
Objectives
- Understand the basics of §199A
- Understand how to properly report advanced transactions in financial instruments and investments
- Understand the special problems and new issues for the current return
- Identify the causes of alternative minimum tax liability and what can be done to reduce or eliminate it
Preparation
None
Leader(s):
Leader Bios
Deborah Phillips, Surgent McCoy Self Study
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie recently retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years, and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a textbook author. Debbie earned her master’s degree in taxation from Widener University.
Non-Member Price $319.00
Member Price $299.00