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.

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

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

Designed For

Experienced Accounting and Financial Professionals who want and need an in-depth knowledge of the most difficult individual-income-tax-return issues

Prerequisites

Extensive experience in preparation of individual income tax returns

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Michael Frost, Surgent McCoy CPE, LLC

Leader Bios

Michael Frost, Surgent McCoy CPE, LLC

Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.

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