Self-Study: Surgent's Preparing Individual Tax Returns for New Staff and Paraprofessionals
Available Until
Self-Study
8.0 Credits
Member Price $150.00
Non-Member Price $200.00
Overview
This course is available until April 30, 2025.
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.
Highlights
- 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
- 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
Prerequisites
None
Designed For
New staff and paraprofessionals who prepare individual returns
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
Non-Member Price $200.00
Member Price $150.00