Events Search
  Summary & Check Out (0)

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

400 Minutes
On demand - Video

On Demand - Video

8.0 CPE Credits in TX

OVERVIEW

The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, 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 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 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.