1040 Workshop: Sec. 4: Losses, AMT, and Compliance (4 hrs)

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Course Description

1040 Workshop Sec. 4

This is Section 4 of the 1040 Workshop. The complete 4-part course is designed to make the practitioner comfortable with “high traffic” issues, enabling participants to discuss and handle individual 1040 tax essentials. The course examines and explains practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

Section 4: Losses, AMT, and Compliance covers the following topics, and more:

* Passive loss rules
* Suspension of disallowed losses under §469
* Computing the alternative minimum tax
* Minimum AMT tax credit
* Reporting compliance rules and provisions
* Accuracy related penalties
* Information reporting penalty final regulations
* Penalty for unrealistic position
* Statute of limitations for assessments
* Examination of returns

This course is accepted by the IRS as CE credit for enrolled agents.

Course Information

Price: $39
This course is included in our Mega CPE Special and our Unlimited Tax Bundle

Course No. 9012-4
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (92 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 4 hrs.
Field of Study: Taxes: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: January 2024


Losses, AMT, and Compliance

Learning Objectives

  1. Identify how the passive loss rules limit the ability to take deductions, what transactions free disallowed losses, how suspended losses are carried forward, and when real estate professionals can escape the passive lost rules.
  2. Specify differences between the regular and alternative minimum tax recognizing the impact of tax preferences and adjustments.
  3. Identify the reporting requirements for employers, real estate transactions, independent contractors, and cash reporting.
  4. Recognize types of accuracy-related and valuation overstatement penalties including the substantial authority defense for reporting positions, and specify the IRS’s examination of returns policy and assessment process including applicable statute of limitations.

Ratings and Reviews

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3 Ratings
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Sandra Peichel
Posted 1 month ago
Financial Reporting Standards

Great course, easy self study content

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Barry Sims
Posted 3 months ago
Comprehensive Course

Great guide for use during tax season.

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Syamaladevi Prasad Duggirala
Posted 9 months ago
The subject matter has been presented satisfactorily

Good Presentation

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