Exploring the Significance of IRS Form 1098 in Tax Filings
- Training Type Recorded Webinar
- Presenter Nick Preusch
- Topic Banking, Insurance & Finance
- Schedule Sep 21, 2023
- Timing 1:00 PM EST
- Duration 60 minutes
Description
Abstract: This CPE (Continuing Professional Education) topic delves into the intricacies of IRS Form 1098 and its pivotal role in the context of individual and business tax filings. Participants will gain a comprehensive understanding of Form 1098's various iterations, including Mortgage Interest Statement, Student Loan Interest Statement, and more. The course will cover the form's purpose, its connection to tax deductions, reporting requirements, and potential implications for taxpayers.
Learning Objectives:
- Form 1098 Overview: Understand the different types of IRS Form 1098, including Mortgage Interest Statement, Student Loan Interest Statement, and more, and their respective purposes in tax reporting.
- Tax Deduction Mechanisms: Explore how the information provided on Form 1098 influences tax deductions, with a focus on mortgage interest and student loan interest deductions.
- Reporting Requirements: Gain insights into the legal obligations and deadlines associated with issuing and receiving Form 1098, including the responsibilities of payers and recipients.
- Impact on Taxpayers: Examine the potential financial advantages for taxpayers resulting from accurate reporting and utilization of Form 1098 data on their tax returns.
- Common Errors and Pitfalls: Identify common mistakes and misconceptions related to Form 1098 reporting and deduction claims, along with strategies to prevent and address them.
This CPE topic provides tax professionals, accountants, and financial advisors with the necessary tools to navigate the complexities of IRS Form 1098 and harness its potential to achieve tax efficiency and compliance.
Who will benefit:
- Tax preparers
- Accountants
- Financial advisors
- Mortgage lenders
- Real estate agents
- Investment bankers
- Credit analysts
- Compliance officers
- Auditors
- Tax lawyers
- Tax Accountant
- Associate Director Taxation
- Tax Assessor
- Mortgage managers
Speaker
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).