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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 10, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Thomas M. Kosinski, C.P.A., M.S.T.
Ostrow Reisin Berk & Abrams, Ltd.
- Director of the tax practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
- Offers more than 30 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
- Provides specialized tax planning services to his clients, which include high-net-worth individuals and business entrepreneurs
- Advises on federal and state tax planning and tax compliance issues for real estate clients and businesses
- Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
- Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
- M.S. Degree in taxation; B.S. Degree in accounting, summa cum laude, DePaul University
- Can be contacted at 312-670-7444 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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