24SR-0025: Preparing Individual Tax Returns for New Staff and Paraprofessionals (In-person)

Thursday, January 16, 2025
8:30am - 4:30pm Central Time
8 CPE (8 technical)  |  8 IRS CE
Minnesota Society of CPAs, Bloomington

After this in-depth course, new staff accountants, data processing employees, paraprofessionals and bookkeepers will be able to prepare a complicated federal individual income tax return (Form 1040). Gain practical, hands-on experience with individual tax forms and dive into the latest tax law changes affecting individuals.

Major subjects

• Comprehensive coverage of the Inflation Reduction Act of 2022 and SECURE Act 2.0
• Preparation of various Form 1040 individual tax returns and schedules, with “filled-in” forms
• Form 7203
• Section 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 -- Form 1099-B, Form 8949, Schedule D, mutual fund sales and related basis issues
• Self-employed person issues
• Schedule C deductions, including depreciation
• Sale and exchange of property -- Form 4797 and depreciation recapture, capital gains
• Passive losses -- how to handle rental property and how the passive loss rules flow to the tax forms
• Itemized deductions -- what's deductible and what's not
• Interest deductions -- limitations and timing problems
• Charitable contributions substituting for taxes
• Retirement contributions and education credits and deductions
• Tax computations -- Kiddie Tax, AMT, regular tax, tax credits
• Individual problems illustrated by form preparation for various items, with practice tips
• Impact of recent legislation and forms changes on the 1040

Learning objective(s)

• 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

Who should take this program?

New staff and paraprofessionals who prepare individual returns

Fees

Early Bird Member Fee (through 12/13/2024)	$349.00
Early Bird Nonmember Fee (through 12/13/2024)	$449.00
Standard Member Fee	$399.00
Standard Nonmember Fee	$499.00