IRS Form 1040 Preparation: Gross Income
1 hour 40 minutes
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.
• 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.