Reviewing Individual Tax Returns: What Are You Missing? (8:30am-12:00pm)

Description

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPAs and tax professionals. These provisions combined with the potential for input error when utilizing the array of income tax software available, create the potential for a multitude of errors that can occur when preparing your client’s tax return.

Join us as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff. 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.

Highlights

Common errors made involving the following tax topics:

  • Section 199A qualified business income deduction
  • 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

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

  • 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.
  • Determine the proper tax treatment for various start-up costs by a new business.
  • Recognize some potential issues surrounding the qualified business income deduction and certain service businesses.
  • Determine proper tax return reporting of a like-kind exchange transaction.

Designed For

CPAs working with clients requiring expertise in individual income taxation for the current tax season


Leaders

Arthur Auerbach

Arthur Auerbach, CPA, CGMA is an independent tax consultant located in Atlanta, specializing in tax consulting and estate and financial planning for individuals and closely held businesses. He is affiliated with the Asbury Law Firm as a team member.

He is a member of the Georgia, Virginia, New York and Greater Washington CPA Societies. Art was appointed to the AICPA Tax Executive Committee for a three-year term beginning Feb. 1, 2018, ending May 31, 2021. Beginning in May 2021, Art was appointed to be a member of the AICPA Tax Practice and Procedure Committee, where he still serves. He is liaison to the Professional Ethics Executive Committee, the Exempt Organization Committee and other AICPA task forces..

He is an active member of the Georgia Society of CPAs (GSCPA) and serves on the Georgia Department of Revenue Commissioners Advisory Group and Leadership Council. He is the immediate past chairman of the GSCPA Federal State Tax Task Force. He is also a former member of the Virginia Society of CPAs (VSCPA) Tax Committee.

He has served as an advisor to the District of Columbia Office of Tax and Revenue and the Tax Commissioners Advisory group in Virginia.

Art is a nationally recognized speaker on a variety of tax topics offered for continuing education for CPAs and financial planners. Currently, he is the author and presenter of the AICPA quarterly Tax Rewind. He has authored several publications and articles.

Art is licensed in Georgia, Virginia, the District of Columbia and New York, and he is a life member of the American Institute of CPAs and member of the tax section and the personal financial planner section.