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The objective of this course is to train new staff accountants, data processing employees, para-professionals, and bookkeepers to prepare a complicated federal individual income tax return. Over the years, thousands of new staff have received practical, hands-on experience to become familiar with tax forms. This course covers the latest tax law changes, making it essential for your new staff.

Objectives

  • Learn complicated issues of filing status and dependency exemptions
  • Learn about Schedules A, B, C, D, E, and SE; Forms 2106, 4797, and 4562; passive rules and more
  • Complete comprehensive problems related to Schedules A, C, and D; Forms 2106, 4797, 6251, and more, all with "filled-in" forms
  • Learn about IRA contributions, self-employed retirement plans, child-care credits, and the adoption tax credit

Highlights

  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include "filled-in" forms
  • Taking initiative in difficult assignments; can you deliver the QBI message? Full coverage of 199A qualified business income, its calculation, limitations, and examples
  • Form 8867 - Protecting practitioners
  • Dividends and interest - Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.
  • Security transactions - From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues
  • Self-employed person issues
  • Schedule C deductions including depreciation
  • Sale and exchange of property - Understanding Form 4797 and depreciation recapture; capital gains
  • A working understanding of passive losses - How to handle rental property and how the passive loss rules flow to the tax forms
  • Itemized deductions - A thorough understanding of what's deductible and what's not
  • Interest deductions - Limitations and timing problems
  • Retirement contributions and education credits and deductions
  • Tax computations - The Kiddie Tax, AMT, regular tax, tax credits
  • Individual problems illustrated by form preparation for various items, with numerous "practice tips"
  • Impact of recent legislation and forms changes on the 1040

Who Will Benefit

New staff and para-professionals who prepare individual returns.

Credits

Category Amount
Tax 8.00