Preparing Individual Tax Returns for New Staff and Paraprofessionals – Webcast
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.
NOTE: This course qualifies for IRS CE (PTIN) credit. To receive IRS CE credit, please email your PTIN to profdev@orcpa.org at the end of the course. Surgent will report credit at the end of each quarter.
If you have questions, you can contact Professional Development at 503-641-7200, ext. 3 or email profdev@orcpa.org.
Highlights
- Comprehensive coverage of the Inflation Reduction Act of 2022 and The SECURE Act 2.0
- 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
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
Leader(s):
Leader Bios
Robert Wells, Surgent CPE
Robert "Wayne" Wells has 51 years of experience in public accounting and annually instructs numerous continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation. Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigations, and tax services to small- and medium-sized businesses as well as extensive tax services to individuals. Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970 with a Bachelor of Science degree in accounting and economics. He holds a certified public accountant certificate in Tennessee, and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Association of Certified Fraud Examiners, and the American Institute of Certified Public Accountants. He is a recipient of the Outstanding Discussion Leader Award presented by the Tennessee Society of Certified Public Accountants, the Outstanding Discussion Leader Award presented by the AICPA, and an Outstanding Discussion Leader Award presented by Surgent.
(3/19/21)
Non-Member Price $390.00
Member Price $315.00