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OnDemand Course

IRS Form 1040 Preparation Part 3: Gross Income

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 is important to identify gross income, but also to qualify for exceptions and exclusions from U.S. taxable income. This information will provide you with an overview of the issues related to tracking and reporting taxable gross income, as well as considering any categories that provide adjustments, allowances, and deductions that reduce taxable income under U.S. tax law. This information will also focus on current IRS exam practices and recent tax legislation.

Learning Objectives

  • You will be able to identify inclusions in Gross Income.
  • You will be able to identify exclusions to Gross Income.
  • You will be able to differentiate Tax Reporting and Disclosure issues.
  • You will be able to identify recent tax cases and legislation related to Income.

101 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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 Taxable 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
  • Loans, Gifts and Scholarships
  • Foreign Income and Allowances

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

New Issues Under Recent Tax Cases and Legislation

  • IRS Exams - Practices and Procedures
  • Doctrine of Constructive Receipt and Claim of Right
  • Timing and Reporting of Income
  • Assignment of Income
  • Cryptocurrency and Foreign Currency
  • Methods of Accounting Update
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Why Lorman?

Over 35 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 5, 2019.

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

  • CPE/NASBA - QAS Self Study 2.5 including Taxes 2.5
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.5 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
     
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Why Lorman?

Over 35 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.

  • Member of the Tax Department at Ostrow Reisin Berk & Abrams, Ltd., since 1994, and became a director in 2001
  • Frequent speaker with the Illinois CPA Society covering Federal and State Tax Updates, IRS matters, individual and corporate tax compliance, and flow-through income tax strategies
  • Offers more than 25 years of experience providing strategic 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
  • Has significant industry experience including real estate and commodities/securities
  • Researches and implements a wide range of federal and Illinois tax strategies, and represents numerous Illinois taxpayers during IRS and Illinois Department of Revenue audits
  • Consults with firm clients on state and local taxation issues and manages firm issues relating to international taxation
  • Assists U.S.-based entities in planning for foreign operations as separate entities, branches, or divisions
  • Active member and a former president of the Illinois CPA Society Chicago South Chapter and a member of the American Institute of Certified Public Accountants
  • Contributing author for a tax newspaper column and previously a co-author for a tax savings publication for individual taxation
  • Master’s degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
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Over 35 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: 407222
Published 2019
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