Experienced staff can get bogged down in busy season with difficult tax returns. At times experienced staff, managers, and partners need an in-depth look at advanced issues, both in practice and in tax forms. This course will assist experienced staff in avoiding costly mistakes when facing complicated issues. The manual includes several “advanced” cases with “filled-in forms” provided within the complete answers, and discussion of issues advanced practitioners will face.

Major Topics:

  • New items for 2015
  • A new Identity theft concern, practitioners PTIN stolen
  • Form 8960 Net Investment Income Tax – How can we help to mitigate this tax
  • Form 6198 – At-risk basis: Detailed case study and discussion of how this form is to be used and when it needs to be filed; learn how basis and at-risk basis are different, and why this is significant
  • Selected advanced practice and reporting issues – What is happening at IRS, and where are they headed, items which can affect practitioners and how they practice
  • Form 982 – Reduction of tax attributes due to discharge of indebtedness (and §1082 basis adjustment); in light of the recession, real estate spiral and mortgage crisis of recent years, this form is essential to understand
  • Form 6252 Installment sale income: A common tax area; however, a case study and discussion of this topic includes advanced issues such as gain on reacquisition of installment sale property, including worksheets on calculating gain & tax basis of reacquired property
  • Form 5329 Additional Taxes on Qualified Plans: Certain Distributions from Deferred or Specialized Accounts, advanced study of how to avoid penalties
  • Form 6251 – Detailed case study and discussion on the adjustments and preferences associated with Alternative Minimum Tax, including discussion of proper treatment of Incentive Stock Options
  • K-1 issues – Discuss problems of reporting issues for complex K-1s (e.g., hedge funds & when hidden taxable income can arise)

Learning Objectives:

  • Recognize and understand how to handle advanced technical issues which arise in a professional practice and in preparing individual tax returns
  • Complete the tax forms for selected issues

Designed For: CPAs in public accounting who prepare or review complex 1040 returns
Level of Knowledge: Advanced
Prerequisite: Basic- to intermediate-level experience in preparing Form 1040
Advanced Preparation: None
Credits: 8
Field of Study: Taxes(8)
CFP Credit: No

Live Seminar Course Schedule