Objective
- Understand how to properly report advanced transactions in financial instruments and investments
- Understand the special problems and new issues for the current return
- Understand the business loss limitation rules and how to calculate the deductible loss
Highlights
- Understanding the special problems and new issues for the current year tax return
- How to determine the §199A deduction and when rental property qualifies for the §199A deduction
- Installment sales -- understanding the complicated issues
- Form 8582: Passive losses with carryovers -- Complicated case with filled-in forms
- Capital gain and loss issues -- The problem with proper reporting of installment sales issues; when is a stock worthless; and much more…
- At-risk rules: What a return preparer really needs to know
- Passive loss issues -- You can’t just trust your software. What to watch out for, and the questions you need your clients to answer in order to do it right!
- Incentive and nonqualified stock options -- Reporting; key strategies for planning; dealing with the alternative minimum tax
- Alternative minimum tax -- Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client
- The business loss limitation rules – Understanding the business loss limitation rules and the associated calculations
Designed For
Experienced CPAs who want and need an in-depth knowledge of the most difficult individual-income-tax-return issuesPrerequisite
Extensive experience in preparation of individual income tax returnsAdvanced Preparation
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