Performing Preparation, Compilation and Review Engagements

Description

Sharpening your review skills

Preparing returns is one thing, but reviewing them is another entirely. In this case-study-based course, you'll learn how to:

Review a prepared Form 1040 and associated schedules Identify errors and missed opportunities

Case-study-based learning

You'll examine two case studies consisting of individual tax returns and find issues that may warrant additional information from the client. You'll also delve into areas of the return that require analysis of tax law and case law.

The course covers: Section 199A The qualified business income deduction Self-employed health insurance The home office deduction Rental properties Hobby losses Depreciation Discharge of debt Alimony paid

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

Highlights

Passive-activity losses Qualified business income deduction Home office Schedule C activity and hobby losses Business start-ups and deductions Alimony Discharge of debt

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.
  • Determine the proper tax treatment for various start-up costs by a new business.

Designed For

CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season