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
Leader(s):
Leader Bios
Michael Frost, AICPA
Mike Frost, CPA, EA is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, Mike specializes in all areas of income tax and small business consulting including but not limited to: Business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Mike has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and is an instructor for the Alabama Society of Certified Public Accountants. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike also conducts in-house training in all areas of income tax for his firm. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, the National Association of Enrolled Agents, the Alabama Association of Enrolled Agents, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.
Non-Member Price $319.00
Member Price $299.00