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 is important to identify gross income, but also to qualify for exceptions and exclusions from U.S. taxable income. This information will provide you with an overview of the issues related to tracking and reporting taxable gross income, as well as considering any categories that provide adjustments, allowances, and deductions that reduce taxable income under U.S. tax law. This information will also focus on current IRS exam practices and recent tax legislation.
Date: 2019-12-05 Start Time: End Time:
Learning Objectives
Identifying Taxable 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
• Loans, Gifts and Scholarships
• Foreign Income and Allowances
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
New Issues Under Recent Tax Cases and Legislation
• IRS Exams – Practices and Procedures
• Doctrine of Constructive Receipt and Claim of Right
• Timing and Reporting of Income
• Assignment of Income
• Cryptocurrency and Foreign Currency
• Methods of Accounting Update
CPE ,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.
