Description

This course introduces professionals to the fundamentals of individual tax preparation. Participants will learn the essentials of Form 1040, including filing requirements, income reporting, and deductions. The session will also cover preparer responsibilities, due diligence, and taxpayer rights under Circular 230. By the end, attendees will have a solid understanding of the foundation of personal tax returns.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Instructor: Mary Jane Hourani, MM, EA, NTPI Fellow

Target Audience

CPAs, EAs, tax professionals, paralegals, financial planners

Course Objectives

After attending this presentation, you will be able to...Identify preparer responsibilities including due diligence and ethical obligationsDetermine the correct filing status and eligibility of dependents based on tax lawClassify taxable income sources, including wages and investment incomeDifferentiate between standard and itemized deductions and apply the correct deduction to a taxpayer’s returnCalculate refundable and nonrefundable tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC)Implement best practices for taxpayer data security and confidentialityApply IRS compliance rules under Circular 230Understand key legislative updates affecting individual tax returns 

Subjects

The major topics that will be covered in this course include:Form 1040 essentials: filing requirements, due dates, and key schedulesFiling status, dependency rules, and taxable income sources (wages, investment income)Adjustments to income, deductions and tax credits (standard vs. itemized deductions, EITC, Child Tax Credit, Education Credits)Preparer due diligence, Circular 230 compliance and taxpayer rightsIRS cybersecurity considerations and best practices for taxpayer data securityLegislative updates