Courses
Preparing Individual Tax Returns for New Staff and Para-Professionals
Register
-
Member Price:
$300.00
Non-Member Price: $450.00
- Date/Time:
- Jan 11, 2011, 8:30am–4:30pm
- Venue:
- Capitol Plaza Hotel & Conference Center, Montpelier
- Developer:
- Surgent McCoy CPE
- CPE Credits:
- 8 Hours
- Field of Study:
- Taxes
- Level:
- Basic
- Instructor:
- Dr. William H. Allen Jr., MBA, CPA, Ph.D.
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 most tax forms. This course covers the latest tax law changes, making it essential for your new staff.
Major Topics:
· Preparation of various Form 1040 individual tax returns and schedules
· First –time homebuyer tax credits
· 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 -- How to handle mutual fund sales and related basis issues
· Self-employed person issues
· Sale and exchange of property -- Understanding Form 4797 and depreciation recapture; capital gains
· Schedule C deductions
· Passive losses -- How to handle rental property and a working understanding of 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, etc.
· Individual problems illustrating form preparation for various items
· Impact of recent legislation on the 1040
Learning Objectives :
· Understand the complicated issues of filing status and dependency exemptions
· Learn about taxable and tax-exempt interest issues as well as dividend income
· Understand the issues involved with reporting capital gains transactions
· Complete a comprehensive problem related to Schedule C of the Form 1040
· Complete a comprehensive problem related to Form 4797
· Learn about at-risk and passive activity rules
· Complete a comprehensive problem related to Schedule A
· Understand the various types of interest
· Learn about IRA contributions, KEOGH plans, child-care credits, and rules for the adoption tax credit
· Complete a comprehensive problem related to computation of an individual's federal income-tax liability
Who Should Attend? New staff and para-professionals who prepare individual returns.
Also qualifies for CFM and CMA credit
