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.

Description

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