Preparing Complex 1040s

Description

For many clients, tax simplification is only an empty promise from politicians. Be prepared to handle the most complex individual income tax preparations. This course is updated to include changes made by the Tax Cuts and Jobs Act, with a full section on the complexities of the qualified business income deduction.

Highlights

• Tax Cuts and Jobs Act changes and any additional tax legislation
• Qualified business income deduction: who it applies to, how to deal with the limitations and planning opportunities
• Passive losses: tracking, triggering, and grouping activities in order to reduce passive income
• Losses limited by lack of at-risk basis
• Calculation of NOLs for regular tax and AMT
• Applying the net investment income tax
• Alternative Minimum Taxation
• Tax Deferred Exchanges under §1031

Objectives

• Solve complex 1040 problems
• Design proper presentation strategies
• Use appropriate disclosures to avoid penalties
• Anticipate and create opportunities for tax reduction

Designed For

CPAs and tax practitioners.