Reviewing Individual Tax Returns: What Are You Missing?

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

Four 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

Hiring of spouses

Depreciation, including bonus depreciation

Section 179 issues

Organization and startup costs

Temporary senior deduction

State and local tax deduction

In-course application

Learners get access to four 2025 individual returns and try their hand at reviewing them 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

Qualified business income deduction

Temporary senior deduction

State and local tax deduction

Hobby losses

Self-employment health insurance

Business startup costs

Depreciation

Schedule C issues

Like-kind exchanges

Prerequisites

Experience with individual tax return preparation

Designed For

CPA firm partners and managers tasked with reviewing individual tax returns

CPA firm staff tasked with preparing individual tax returns

CPA sole proprietors specializing in individual taxation

Objectives

Determine the proper tax treatment for certain rental property activities.
Distinguish between hobbies and businesses.
Identify the warning signs that a client might have unreported income.
Determine proper tax return reporting of a like-kind exchange transaction.