This course introduces professionals to the fundamentals of individual tax preparation. Participants will learn the essentials of Form 1040, including filing requirements, income reporting, and deductions.
DESIGNED FOR
CPAs, EAs, tax professionals, paralegals, financial planners
BENEFITS
After attending this presentation, you will be able to...
- Identify preparer responsibilities including due diligence and ethical obligations
- Determine the correct filing status and eligibility of dependents based on tax law
- Classify taxable income sources, including wages and investment income
- Differentiate between standard and itemized deductions and apply the correct deduction to a taxpayer’s return
- Calculate refundable and nonrefundable tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC)
- Implement best practices for taxpayer data security and confidentiality
- Apply IRS compliance rules under Circular 230
- Understand key legislative updates affecting individual tax returns
HIGHLIGHTS
The major topics that will be covered in this course include:
- Form 1040 essentials: filing requirements, due dates, and key schedules
- Filing status, dependency rules, and taxable income sources (wages, investment income)
- Adjustments to income, deductions and tax credits (standard vs. itemized deductions, EITC, Child Tax Credit, Education Credits)
- Preparer due diligence, Circular 230 compliance and taxpayer rights
- IRS cybersecurity considerations and best practices for taxpayer data security
- Legislative updates
PREREQUISITES
None
ADVANCE PREPARATION
None