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23SR-0032: 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.

Tuesday, January 16, 2024
8:30am - 4:30pm Central Time
8 CPE (8 technical)  |  8 IRS CE
Minnesota Society of CPAs, Bloomington

Alternate dates & more options

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.

Major subjects

  • Timely coverage of late-breaking tax legislation
  • Comprehensive coverage of the Inflation Reduction Act and Secure Act 2.0
  • Preparation of various Form 1040 individual tax returns and schedules, complete with filled-in forms
  • Form 7203
  • Section 199A qualified business income (QBI) -- calculation, limitations and examples
  • Dividends and interest -- ordinary, return of capital and capital gain distribution dividends; tax-exempt interest, original issue discount and more
  • 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 -- 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 -- thorough coverage of what’s deductible and what’s not
  • Interest deductions -- limitations and timing problems
  • Charitable contributions substituting for taxes? (IRS disagrees)
  • Retirement contributions, education credits and deductions
  • Tax computations -- kiddie tax, AMT, regular tax, tax credits and more
  • Impact of recent legislation and changes to 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 8867, 4797 and 4562; passive rules and more
  • Complete comprehensive problems related to Schedules A, C and D; QBI; 4797, 6251 and more
  • 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

Our records indicate you are a nonmember. If you register, you will be charged $449.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $349.00
checkmark Standard Nonmember Fee $449.00

More program information

Instructor Don Cochran, JD, CPA
Location Minnesota Society of CPAs
1650 W 82nd St
Ste 600
Bloomington, MN
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (8.0)
Level Basic
Format Group Live
Sponsor MNCPA
NASBA ID#: 139884
Prerequisites Prereq. None
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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