Description
Gain a better understanding of the issues related to tracking and reporting taxable gross income on IRS Form 1040.U.S. taxpayers need to comply with U.S. tax law based on tax reporting requirements that consider all sources of worldwide income. Proper recordkeeping and classification of income are necessary to identify gross income and are also necessary to qualify for exceptions and exclusions to compute taxable income. This topic will provide you with an overview of the issues related to identifying and reporting gross income, as well as considering any income categories that provide adjustments, allowances, and deductions that reduce taxable income under U.S. tax law. The material will also review current IRS exam practices and recent tax legislation.
Date: 2021-12-10 Start Time: End Time:
Learning Objectives
Identifying Sources of Gross Income
• Employment and Compensation Benefits
• Investments and Portfolio Income
• Business Profits and Activities
• Retirement and Taxable Benefits
• Refunds and Reimbursements
Identifying Exceptions and Exclusions
• Nontaxable Exchanges of Income
• Homeowners and Personal Assets
• Employee and Retirement Exceptions
• Return of Investments/Principal/Capital
• Gifts, Loans, and Scholarships
Tax Reporting and Disclosure Issues
• U.S. Form 1099 Reporting of Payments
• U.S. Matching and Withholding of Income
• Classification of Income – Personal/Business Source
• Cash Income and Deposits – Recordkeeping Issues
Current Issues Under Tax Cases and New Legislation
• IRS Exams – Practices and Procedures
• Doctrine of Constructive Receipt and Claim of Right
• Timing and Reporting of Income
• Lawsuits and Settlements
• PPP Loans and Forgiveness
• Cryptocurrency and Foreign Currency
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Thomas M. Kosinski, C.P.A., M.S.T.-Ostrow Reisin Berk & Abrams, Ltd.
