Preparing Complex 1040s

Overview

This program is designed for the accountant who is ready to handle the most complex individual client’s income tax preparation. The program will look at areas that vex CPAs when dealing with individual taxes, including the 199A qualified business income deduction, limitation on deduction of business interest under 163(j), passive activity rules, and the net investment income tax.

Prerequisites

General tax knowledge

Designed For

Practitioners in public practice with experience preparing 1040s.

Objectives

• Solve complex 1040 problems
• Compute qualified business income deduction
• Compute tax on net investment income, additional withholding and tax on wages, and self-employment earnings
• Explain and compute AMT Identify and apply passive activity rules
• Recognize and advise clients on like-kind exchanges
• Define and apply at-risk rules
• Recognize existence of and compute amount of NOL and understand tax implications.

Preparation

None