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22SR-0041: Preparing Individual Tax Returns for New Staff and Paraprofessionals (In-person)

If you have questions about this event, please call us at 952-831-2707.

Date Wednesday, January 18, 2023
Time 8:30am - 4:30pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St
Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Specialty
credits
8.0 IRS CE approved
Instructor Don Cochran, JD, CPA
Don Paul Cochran, Attorney at Law
Fees
Standard Member Fee $349.00
Standard Nonmember Fee $399.00

Description

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. Gain practical, hands-on experience with individual tax forms and dive into the latest tax law changes affecting individuals.

Who should take this program?

New staff and paraprofessionals who prepare individual returns

Major subjects

  • Coverage of the Inflation Reduction Act of 2022
  • Preparation of various Form 1040 individual tax returns and schedules, complete with filled-in forms
  • Taking initiative in difficult assignments
  • Section 199A qualified business income -- calculation, limitations and examples
  • Form 8867
  • Dividends and interest -- ordinary, return of capital and capital gain distribution dividends
  • Tax-exempt interest
  • 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, depreciation recapture and capital gains
  • 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 qualifies and what doesn't
  • Interest deductions -- limitations and timing problems
  • Retirement contributions, education credits and deductions
  • Tax computations -- the Kiddie Tax, AMT, regular tax and tax credits
  • Form preparation problems and practice tips
  • Impact of recent legislation and forms changes on Form 1040

Learning objective(s)

  • Learn complicated issues of filing status and dependency exemptions
  • Learn about Schedules A, B, C, D, E and SE; Forms 2106, 4797 and 4562; passive rules and more
  • Complete comprehensive problems related to Schedules A, C and D; Forms 2106, 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

Notes:

Course code Code 22SR-0041
Sponsor MNCPA
NASBA ID#: 139884
Level Basic
Format Group Live
Prerequisites Prereq. None
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.