Pat Garverick's Hands-On Tax Return Workshop: Individuals (Form 1040) (2 days) – Beaverton

Overview

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.

Note: Date changed from originally published date of Jan. 8-9, 2025.

Highlights

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:

• Extensive review of the individual income tax laws with an emphasis on any new legislative changes
• Dissecting the Form W-2, 1099-NEC, 1099-K and Schedule K-1
• Form 8995 - Qualified Business Income (QBI) deduction
• 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, 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 (e.g., child tax credit, child and dependent care expense credit and the education credits)

Designed For

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.

Objectives

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)