Reviewing Individual Tax Returns: What Are You Missing?

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.

Key Topics

• 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

Learning Outcomes

• 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.

Who Will Benefit

• 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