Live In-Person

Preparing Individual Tax Returns for New Staff and Paraprofessionals

---

Develop the key skills needed to prepare moderately complex federal individual income tax returns (Form 1040). Explore critical topics such as filing status and dependency exemptions, essential for accurate tax preparation. Apply tax laws to real-world scenarios, practicing with Schedules A, C, and D, the Qualified Business Income (QBI) deduction, and forms like 4797 and 6251. Gain a deeper understanding of tax benefits, including IRA contributions, self-employed retirement plans, child-care credits and the adoption tax credit.

Major subjects

• New and expanded energy credits under the Inflation Reduction Act (IRA)
• Preparation of various Form 1040 individual tax returns and schedules; provided answers include "filled-in" forms
• Form 7203
• Section 199A qualified business income, its calculation, limitations, and examples
• 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 -- Form 4797 and depreciation recapture; capital gains
• Passive loss rules
• Itemized deductions --what's deductible and what's not
• Interest deductions -- limitations and timing problems
• IRS stance on subsitituing charitable contributions for taxes
• Retirement contributions and education credits and deductions
• Tax computations -- The Kiddie Tax, AMT, regular tax, tax credits
• Impact of recent legislation and forms changes on the 1040

Learning objectives

• Explore complicated issues of filing status and dependency exemptions
• Understand Schedules A, B, C, D, E, and SE; Forms 8867, 4797 and 4562; passive rules
• Complete comprehensive problems related to Schedules A, C, and D; QBI, 4797, 6251 all with "filled-in" forms
• Learn about IRA contributions, self-employed retirement plans, child-care credits and the adoption tax credit

Who should take this program?

• New staff and paraprofessionals who prepare individual returns

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $475.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.