Surgent's Technical Individual Practice Issues and Tax Forms for Experienced Practitioners

Overview

Don’t let the title frighten you. Experienced staff can get bogged down in busy season with advanced practice and reporting issues. With major legislation enacted over the past few years, we bring you the distilled version of what you need to know for the current year and significant current proposals that may impact the tax landscape in future years or even retroactively.

This course discusses the topics that experienced staff, managers, and partners should understand in depth while also assisting experienced staff in avoiding costly mistakes when facing complicated 1040 issues. The manual includes advanced examples and several advanced cases with “filled-in” forms provided with the complete answers.

Highlights

• What’s NEW for this year – Items all practitioners must know 
• Form 1040 and Schedules 1 – 3
• 1099-K reporting requirements 
• Qualified Business Income -- Coverage of §199A including the real estate safe harbor 
• A tour of the most recent forms changes, starting from gross income and ending with selected credits, including the latest IRS guidance on significant recent tax legislation 
• How will clients (and practitioners) interact with IRS in the future and how the pandemic is steering the IRS to ramp up with digital communication efforts 
• Hot developments and current areas of interest 
• Virtual Currency and Digital Asset Taxation 
• Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas 
• 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 
• 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: Advanced study of how to avoid penalties 

Prerequisites

Basic to intermediate-level experience in preparing Form 1040

Designed For

Accounting and Finance Professionals in public accounting who prepare or review complex 1040 returns

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

Preparation

None