Description

The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, and bookkeepers to prepare a moderately complex federal individual income tax return (Form 1040). 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.

Instructor: Dave Peters, CPA, CFP, CLU, CPCU, MST, MBA

Target Audience

New staff and paraprofessionals who prepare individual returns

Course Objectives

Learn complicated issues of filing status and dependency exemptions

Learn about Schedules A, B, C, D, E, and SE; Forms 8867, 4797, and 4562; passive rules and more

Complete comprehensive problems related to Schedules A, C, and D; QBI, 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

Subjects

Updates related to HR 1, One Big Beautiful Bill Act, incorporated throughout the course

Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms 

Coverage of Form 7203 

Coverage of §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 – 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 

Charitable contributions substituting for taxes, IRS says – No! 

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