Reviewing Individual Tax Returns - Virginia Society of CPAs

Overview

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

Two 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

Organization and start-up costs

In-course application

Learners get access to two 2025 individual returns to review for:

Errors

Areas for improvement

Opportunities to educate or advise the client

Developed with H.R. 1, commonly referred to as OBBBA, in mind, these returns are designed to provoke planning ideas for the modern client.

Highlights

Passive-activity losses

Qualified business income deduction

Home office

Schedule C activity and hobby losses

Business startups and deductions

Alimony

Discharge of debt

H.R. 1, commonly referred to as OBBBA

Prerequisites

Basic knowledge of individual income taxation

Designed For

CPAs working with clients requiring up-to-date expertise in individual income taxation for the current tax season

Objectives

Determine the proper tax treatment for certain rental property activities.
Distinguish between hobbies and businesses.
Determine the proper tax treatment for various startup costs by a new business.
Identify the warning signs that a client might have unreported income.