1040 Tax in Depth

Overview

What an unusual year! The course includes discussion on new laws and court cases on:

• The Secure Act 2.0, clarification of 2022’s Inflation Reduction Act
• The Corporate Transparency Act
• Clear guidance on disaster losses as a result of the fires, floods and storms of 2023
• New IRS crypto-currency guidance
• New estate & gift rules
• Employee Retention Credit frauds

Included is the newly updated engagement letter, fee schedules and new 1040 preparer and review checklists, interview forms and 1040 checksheets.

Prerequisites

2-4 years tax preparation experience

Objectives

• Learn to properly prepare, report amounts on, file, and deduct disaster losses from Form 1040.
• Determine which credits clients may qualify for on their 1040 returns to reduce taxable income, including methods to save for their dependent children’s college education and other education credits and deductions.
• Learn appropriate handling of IRS client audits, compliance with Circular 230 ethics regulations, and advice for clients under military special taxation rules.

Notice

• This seminar has been approved for IRS CE credit. To receive IRS CE credit, you must complete the IRS CE Credit Request Form within 30 days of the seminar.