Reviewing Individual Tax Returns: What Are You Missing?

Overview

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPAs and tax professionals. The review stage of preparing a return serves as a critical backstop to prevent errors in clients’ returns. This case study-based course addresses common mistakes practitioners make when preparing individual tax returns that are often missed by review staff. Learners will review four sample returns and identify both errors and areas of opportunity. They’ll also discover issues that may warrant additional client information and about areas of tax law that require deeper analysis.

Objectives

When you complete this course, you will be able to:

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

Highlights

Qualified business income deduction

Hobby losses

Self-employment health insurance

Business start-up costs

Depreciation

Schedule C issues

Like-kind exchanges

Charitable contributions of property

Designed For

CPA firm partners and managers tasked with reviewing individual tax returns - CPA firm staff tasked with preparing individual tax returns - CPA sole proprietors specializing in individual taxation

Prerequisites

Experience with tax return preparation

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):

James Di Gesu, Senior Wealth Advisor

Leader Bios

James Di Gesu, Senior Wealth Advisor

As a wealth advisor with more than 25 years of experience, Mr. Di Gesu’s expertise lies in providing integrated wealth management, including comprehensive personal financial planning, income tax planning and investment management to senior corporate executives, owners of closely held businesses, professionals, retirees and their family members to assist them in achieving goals and making financial life decisions.

Mr. Di Gesu excels at providing advice to senior executives on their company compensation and benefit plans, including stock performance plans, stock option exercising and restricted stock planning, pension and deferred compensation plan analysis and the related income tax and investment strategies.

As a father to a daughter with disabilities and special needs, he is passionate to provide special needs planning seminars and planning services to families of children with special needs. Mr. Di Gesu also provides advisory services to small business owners regarding their company pension and employee retirement plans.

Mr. Di Gesu has taught as a professor of Finance at Felician University School of Business, MBA program. In addition, he has presented seminars on various topics of personal tax and financial planning to individuals, including senior corporate executives, owners of small businesses and their employees.

Mr. Di Gesu has authored technical articles for professional publications in the tax and personal financial planning fields and has also appeared on network television as a guest consultant on personal tax and financial planning topics, including CNBC, CNN Headline News, CBS News and FOX Network.

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