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Preparing Individual Tax Returns for New Staff and Para-Professionals (Z1-PITR)

400 Minutes
On demand

On Demand

8.0 CPE Credits in TX

OVERVIEW

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.

DESIGNED FOR

New staff and para-professionals who prepare individual returns.

BENEFITS

  • Learn complicated issues of filing status and dependency exemptions
  • Learn about and complete comprehensive problems related Schedules A, B, C, D, E, and SE; Forms 2106, 4797, and 4562; passive rules, "filled-in" forms and more
  • 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
  • Malodorous Form 8867 – changes again this year!
  • 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 and 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

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for IRS credit.

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

PRICING

$116.25 - Member

$155.00 - Nonmember

ALSO AVAILABLE

COURSE DEVELOPER

Surgent