Reviewing Individual Tax Returns: What Are You Missing?

Catch errors on individual returns

The sheer volume of individual tax returns requiring preparation can create a work environment that invariably leads to errors or omissions. A trained eye can spot mistakes.

A case-based approach to learning return review

Four case studies focus on issues that individual return preparers and reviewers will frequently encounter in their practice:

• Section 199A (qualified business income deduction)
• Home office deduction
• Rental properties
• Hobby losses
• Hiring of spouses
• Depreciation, including bonus depreciation
• Section 179 issues
• Organization and start-up costs

In-course application

Learners get access to four 2024 individual returns and try their hand at reviewing them for:

• Errors
• Areas for improvement
• Opportunities to educate or advise the client

Part of Tax Staff Essentials Level 3

This self-study online course is part of Tax Staff Essentials Level 3, a comprehensive learning program that provides senior- and supervisor-level tax professionals with the technical training required to take a leadership role on their teams.

This course can be purchased individually or as part of the Tax Staff Essentials Level 3 bundle.

Who Will Benefit

• CPA firm partners and managers tasked with reviewing individual tax returns
• CPA firm staff tasked with preparing individual tax returns
• CPA sole proprietors specializing in individual taxation

Key Topics

• Qualified business income deduction
• Hobby losses
• Self-employment health insurance
• Business start-up costs
• Depreciation
• Schedule C issues
• Like-kind exchanges
• Clean vehicle credit

Learning Outcomes

• Determine the proper tax treatment for certain rental property activities.
• Distinguish between hobbies and businesses.
• Identify the warning signs that a client might have unreported income.
• Determine proper tax return reporting of a like-kind exchange transaction.