Preparing Individual Tax Returns for New Staff and Paraprofessionals

Overview

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.

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

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

Designed For

New staff and paraprofessionals who prepare individual returns

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

John Kilroy, Surgent McCoy CPE, LLC

Leader Bios

John Kilroy, Surgent McCoy CPE, LLC

John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. John engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates, and trusts. John is a CPA and a CFP® practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. John is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, John has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. John is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com, and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. John has also discussed financial and tax planning issues on various radio outlets.

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