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Training for Business Professionals
Who Should Attend?
Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.
Area of Study:
Hands-On Tax Return Workshop - Individuals (Form 1040)
This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.
Once participants have completed this session they should be able to:
• Prepare a complete Form 1040 income tax return and related schedules with minimal review points
• Understand the individual income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)
This two-day session 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 the Form 1040 and related tax schedules. 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. Topics include:
• Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting individual including but not limited to the 20% qualified business income (QBI) deduction; changes to the income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, and income exclusions
• Review of the ACA taxes (3.8% net investment income tax), penalties (individual mandate) and credits (health insurance premium assistance credit) repealed and retained
• Dissecting the Form W-2, 1099s and Schedule K-1s
• Schedule A – allowable itemized deductions and phase-out rules
• Schedule B – interest and dividend income
• Schedule C and F – trade or business income and deductions
• Form 4562 – depreciation and amortization including §179
• Schedule D – sale of capital assets and personal residences
• Form 4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250
• Schedule E – rentals, passive activities and flow through entities
• Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits
• Adjustments to gross income including IRAs, SEPs, tuition and fees deduction, student loan interest and self-employed health insurance
• Calculate regular tax liability (Schedule D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Schedule SE)
• Overview of selected income tax credits