Course Detail

Reviewing Individual Tax Returns: What Are You Missing?

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
  • Timeshare properties
  • 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 common mistakes made on individual tax returns.
  • Determine strategies to avoid making mistakes on individual tax returns.

Prerequisites:

Basic knowledge of individual income taxation

Notes:

Cecil K. Nazareth, Chartered Accountant, CPA, MBA Norwalk, CT Cecil Nazareth is a partner with IFRS Partners, a CPA firm with offices in the New York City tri-state area. The firm specializes in international tax and accounting, particularly for SME companies, subsidiaries of foreign parents and HNW families in India and the U.S. A nationally renowned leader on IFRS Education, training, consulting and conversion, Nazareth is a Chartered Accountant and a US CPA and understands the differences between IFRS and US GAAP having practiced in both arenas. He is also a Professor of Global Accounting at Fordham University in New York City. Nazareth has appeared on ITV’s Renee Report and has spoken at the Diamond Jubilee of Indian Chartered Accountants of India (ICAI) on the role of a Global accountant and IFRS. He has conducted several IFRS training sessions including sessions for the ICAI and the Bombay stock exchange CFO magazine and several CPA firms and companies around the world. Earlier, Nazareth served as the Director of AICPA’s Internal Audit and Strategy. In that key role he worked on the AICPA overall strategic goals and organizational development. He worked closely with the CEO on various strategic initiatives. Previously Cecil worked with AICPA’s SEC Practice Section reviewing Technical issues peer reviews of several large CPA firms performing SEC related work. Before joining the AICPA, Cecil was an Audit supervisor at Ernst and Young specializing in the financial services industry. His international experience includes the practice in the Middle East and India. He has an MBA in finance from Fordham University and Information Technology from Columbia University in NYC. Certificate and Diploma in IFRS from the ICAEW

Designed For:

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

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