The objective of this course is to train new staff accountants, data processing employees, para-professionals, and bookkeepers to prepare a complicated federal individual income tax return. 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.
New staff and para-professionals who prepare individual returns
Grasp complicated issues of filing status/dependency exemptions Know about taxable/tax-exempt interest issues & dividend income Understand issues with reporting capital gains transactions Complete a comprehensive problem related to Schedule C of the Form 1040 and also one related to Form 4797 Apply knowledge gained from an overview of passive activity rules Complete a comprehensive problem related to Schedule A Explain IRA contributions, Self-employed retirement plans, childcare credits, and the adoption tax credit Complete a comprehensive problem related to computation of an individual's federal income-tax liability
Preparation of various Form 1040 individual tax returns and schedules; provided answers include "filled-in" forms Tax filing status - Rules for filing status and planning opportunities and pitfalls 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 How the Affordable Care Act affects tax returns Self-employed person issues Sale and exchange of property - Understanding 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 - 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 computation - The Kiddie tax, AMT, regular tax, tax credits Individual problems illustrating form preparation for various items Impact of recent legislation and forms changes on the 1040
Massachusetts Society of CPAs 105 Chauncy Street, 10th Floor,
Boston, MA 02111