Live Webinar

60-minute live streaming program
  • December 10
  • 1:00 - 2:00 pm EST

Also available as:

OnDemand Course

IRS Form 1040 Preparation: Gross Income

December 10

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.

Learning Objectives

  • You will be able to identify U.S. sources of gross income required for tax return compliance.
  • You will be able to recognize U.S. exceptions and allowances for key income categories.
  • You will be able to review U.S. compliance and IRS exam issues for matching and reporting income.
  • You will be able to discuss recent court cases and new legislation that impact the reporting of income.

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Why Lorman?

Over 34 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 34 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 September 27, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • NH MCLE 1.0
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
     
  • NJ CLE 1.2
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.2 hours of total CLE credit.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • VT CLE 1.0
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of CLE credit.
     
  • WI CLE 1.0
     
  • This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.2
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.2 MCLE hours.
     
  • CPE 1.2 including Taxes 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.2 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, attorneys, bookkeepers, and enrolled agents.

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Why Lorman?

Over 34 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.

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)
  • 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
  • Offers more than 25 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 transactions and businesses
  • 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 and B.S. degree in accounting, summa cum laude, DePaul University
  • Can be contacted at 312-670-7444 or [email protected]
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More Program Information

Why Lorman?

Over 34 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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Product ID: 409345
Published 2019, 2021
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