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

8.00 CPE Credit Hours

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

Objective

• Learn complicated issues of filing status and dependency exemption
• 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, 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

Prerequisites
None

Advanced Preparation
None

Developer
Surgent CPE, LLC

Presenters
John Sherrick,

Level of Knowledge
Beginning