This course provides essential knowledge for the new income tax return preparer in an information-packed day of practical instruction. Return preparation techniques are illustrated using real practice situations culled from hundreds of tax organizers and thousands of client questions. Jump-start the career of the new accountant.
DESIGNED FOR
New tax staff that need orientation to individual tax return preparation issues.
BENEFITS
- Identify tax Issues and when to ask for help
- Interpret client information; real estate closing statements, Forms 1099R, and Forms 1099 from mutual fund to properly classify and report transactions
- Analyze supporting documents for tax informatio
- Prepare Forms 1040, 4562, 4797, 6251, and others, efficiently (with or without a computer!)
- Use IRS publications to answer tax questions efficiently
- Be a productive member of the tax-team, communicating clearly with a return reviewer
HIGHLIGHTS
- Identifying, summarizing and classifying income and deductible expenses
- Depreciation, cost recovery and recapture
- Passive losses
- Interest tracing
- Trade or business expenses
- Capital gains and losses
- Alternative minimum taxation
- Procedures to minimize errors and simplify review
- Finding answers to tax questions quickly and correctly
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None