Self-Study

Surgent's Preparing Individual Tax Returns for New Staff and Paraprofessionals

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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.

Major subjects

• Updates related to HR 1, One Big Beautiful Bill Act, incorporated throughout the course.
• Preparation of various Form 1040 individual tax returns and schedules; provided answers include "filled-in" forms.
• Coverage of Form 7203.
• Coverage of 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 - 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.

Learning 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.

Who should take this program?

• New staff and paraprofessionals who prepare individual returns.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $159.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.