NFFI
GETTING READY FOR BUSY SEASON: A GUIDE TO NEW FORMS, FILING ISSUES, AND OTHER CRITICAL DEVELOPMENTS

Getting ready for busy season involves not only knowing the new tax rules for the current year, but also understanding how the new rules apply to current-year returns. This course provides an up-to-date review of important tax form changes, new tax forms, key developments as they are reflected in the IRS forms, and IRS filing issues and deadlines that will be invaluable to attendees who prepare tax returns for individuals, partnerships, and LLCs.

Major Topics:

  • A tour of the most recent changes starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on significant recent tax legislation
  • Hot, hidden, or miscellaneous developments affecting the upcoming tax season
  • How the Affordable Care Act affects tax returns
  • Form 8960 Net Investment Income Tax – Methods to attempt to mitigate
  • The latest guidance on child credits, education credits, education incentives, and net capital gain and qualified dividend income rate reductions
  • Examination of troublesome areas and new stumbling blocks in preparing Form 1040, including a new look at passive activities in combination with NII
  • Review of new laws and changes in old forms to provide a familiarity for the upcoming tax season
  • Key new tax developments and how they impact the current-year tax forms for individuals

Learning Objectives:

  • Identify new income tax returns and schedules for individual and pass-through entity clients
  • Understand which income tax returns and schedules have changed for individual and pass-through entities
  • Identify the legislative, administrative, and judicial developments that affect the income tax returns and schedules of individuals and pass-through entities

Designed For: Any tax practitioner preparing or reviewing individual and pass-through entity income tax returns for the current tax year
Level of Knowledge: Intermediate
Prerequisite: Basic familiarity with tax rules relating to individual and pass-through entity taxation for the current tax year
Advanced Preparation: None
Credits: 8