Understanding what income is taxable—and when otherwise non-taxable income can unexpectedly become taxable—is critical for accurate compliance and effective tax planning. This practical, real-world course provides a comprehensive review of federal taxable and non-taxable income rules that frequently create confusion, errors, and audit exposure for individual and closely held business taxpayers.
Participants will examine common and complex income scenarios including cancellation of debt, legal settlements and lemon law recoveries, disaster payments, employee fringe benefits, gifts and inheritances, disability income, Social Security benefits, hobby and gig-economy income, and information reporting issues involving Forms 1099-C, 1099-K, and 1099-Q. The course also explores timing and character issues such as constructive receipt, prepaid income, assignment of income, stock options, and when partnership or S corporation distributions may result in taxable income beyond a taxpayer’s pro rata share. Attendees will leave with clear guidance they can immediately apply to return preparation, review, and client advisory services.
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2029 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card