Preparing Individual Tax Returns for New Staff and Paraprofessionals

Dec 18
8:00 - 4:00 p.m.

Pennsylvania Institute of CPAs
Philadelphia - Map

8-Tax
CPE Credits

Learn to prepare various Form 1040 individual tax returns and schedules, and manage the complicated issues of filing status and dependency exemptions, including the rules, planning opportunities, and pitfalls. Receive practical, hands-on experience to become familiar with tax forms. This course covers the latest tax law changes, making it essential for new staff.
Highlights

Taxable and tax-exempt interest issues and dividend income
Issues with reporting capital gains transactions
Overview of passive activity rules
IRA contributions, self-employed retirement plans, child care credits, and the adoption tax credit
Complete comprehensive problems related to Schedule C of the Form 1040; Form 4797; Schedule A; computation of an individual’s federal income-tax liability
Dividends and interest
Security transactions: From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues
How the Affordable Care Act affects tax returns
Self-employed person issues
Sale and exchange of property: Form 4797 and depreciation recapture; capital gains
Schedule C deductions
A working understanding of passive losses: How to handle rental property and how the passive loss rules flow to the tax forms
Itemized deductions: What’s deductible and what’s not
Interest deductions: Limitations and timing problems
Retirement contributions
Education credits and deductions
Tax computation: Kiddie tax, AMT, regular tax, and tax credits
Individual problems illustrating form preparation for various items
Impact of recent legislation and forms changes on the 1040, including the Protecting Americans Against Tax Hikes Act of 2015