Preparing Individual Tax Returns for New Staff and Paraprofessionals

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Overview

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.

Highlights

Comprehensive coverage of the Inflation Reduction Act of 2022 and The SECURE Act 2.0
Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms Coverage of Form 7203
Coverage of §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

Prerequisites

None

Designed For

New staff and paraprofessionals who prepare individual returns

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

Preparation

None

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.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Mike Frost

Leader Bios

Mike Frost

Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.

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