Essential knowledge for the new income tax return preparer presented in an information-packed day of practical instruction. Return preparation techniques are illustrated using real-life situations culled from hundreds of “tax organizers” and thousands of client questions. This program is a great jump start for the career of the new accountant.
DESIGNED FOR
New tax staff members who 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, Forms 1099
from mutual funds and Forms 1099B from brokers to properly classify and report
transactions
- Analyze supporting documents for tax information
- Prepare Forms 1040, 4562, 4797, 6251 and others efficiently (with or without a
computer)
- Use IRS publications and information at irs.gov 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
- Qualified business income deduction added by the Tax Cuts and Jobs Act
- 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