Getting ready for busy season involves not only knowing the new tax rules for the current year, but also understanding how the new rules apply to current-year returns. This course provides an up-to-date review of important tax form changes, new tax forms, key developments as they are reflected in the IRS forms, and IRS filing issues and deadlines that will be invaluable to attendees who prepare tax returns for individuals, partnerships, and LLCs.
- A tour of the most recent changes starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on significant recent tax legislation
- Not quite sublime defiance toward Form 8867, it is more inexperience due to absence of need; but that will change in 2016 as the Due Diligence Form is expanded
- Business issues of rejuvenated emphasis in 2016
- Hot, hidden, or miscellaneous developments affecting the upcoming tax season
- Basis issues, gift issues, planning and reporting Issues
- What are some of the “Hot Audit” areas?
- How to properly substantiate
- Housekeeping -- Protect your clients, protect yourself
- Guidelines on privacy and safeguards for professional offices
- What’s new in depreciation means -- What DOES NOT show up on depreciation schedules any longer!
- Identify new income tax returns and schedules for individual clients
- Understand hot, hidden, and rejuvenated issues which income tax return preparers must be aware of
- Identify the legislative, administrative, and judicial developments that affect the income tax returns and schedules
Any tax practitioner preparing or reviewing income tax returns for the current tax year
Basic familiarity with tax rules relating to taxation for the current tax year