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Preparing Individual Tax Returns for New Staff and Para-Professionals

ID: 58503
Thursday January 18, 2024 8:30AM - 4:30PM
Save 12% until 12/20/2023

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.

Learning 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

Major Topics:

Timely coverage of breaking tax legislation

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

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

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

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.