Description

This three-day training course provides a comprehensive understanding of the federal income tax laws applicable to individuals. The session includes a comprehensive case study (using actual W-2s, 1099s, 1098s, K-1s, etc.). Participants will walk through the preparation of Form 1040 and related tax schedules, learning complex income tax law. Each attendee will receive a comprehensive individual income tax reference manual that includes practice aids, real-world examples, new Federal income tax forms and schedules, and Pat Garverick's Quick Reference Chart. This training is taught using a hands-on methodology. Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), the participant will walk through the preparation of Form 1040 and related tax schedules while learning the complex income tax law. Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real-world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.

Target Audience

This course is for tax return preparers, staff accountants, and paraprofessionals with little or no experience. This course is also for retired public accountants that seek a comprehensive basic individual income tax course.

Course Objectives

• Understand a majority of the Federal income tax laws applicable to most individuals (i.e., theory) and apply this from a tax-form perspective 
• Prepare a complete Form 1040 individual income tax return and related schedules with minimal review points

Subjects

• An extensive review of the individual income tax laws with an emphasis on any new legislative changes and Form 1040 (and related schedules) preparation issues
• Walk through the detailed 20% qualified business income (QBI) deduction computation and Form 8995/8995-A
• Form 1040—gross income items including wages, interest & dividends (Schedule B), alimony, refunds, unemployment compensation, pension, IRA’s, social security and other miscellaneous income items
• Schedule A—allowable itemized deductions & changes after the TCJA
• Schedule C and F—trade or business income and deductions
• Form 4562—depreciation, amortization and §179 expense
• Schedule D—sales of capital assets and personal residences
• Form 4797—sale of trade or business property, including the ordinary income recapture rules under IRC §1245 and §1250
• Schedule E—rentals, passive activities and flow-through entities K-1s
• Adjustments to gross income, including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony paid, student loan interest and self-employed health insurance deduction
• Overview of the various taxes, including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% net investment income tax • Selected tax credits (e.g., child tax, dependent care

and education)