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Individual Tax Return Preparation (ITRP)

Customer Rating
Field of Study
Taxes
Level
Basic
Credits
8
Qualifies For
CPE



Price:  $79.99
The objective of this course is to train new staff accountants, data processing employees, para-professionals, and bookkeepers to prepare a complicated federal individual income tax return. 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.

Additional information

Credits

8

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

0

CTEC Approved

0

Field of Study Credits

Taxes (8)

Field of Study Department

Taxes

Course Version

2019-01

CPE Approved

1

Pre-requistes:

None

Knowledge Level:

Basic

Major Topics:

  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
  • Coverage of §199A qualified business income, its calculation, limitations, and examples
  • Itemized deductions – A thorough understanding of what’s deductible and what’s not
  • Charitable contributions substituting for taxes, IRS says - No!
  • Interest deductions – Limitations and timing problems
  • Retirement contributions and education credits and deductions
  • Tax computations – The Kiddie Tax, AMT, regular tax, tax credits
  • 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
  • Individual problems illustrated by form preparation for various items, with numerous “practice tips”
  • Impact of recent legislation and forms changes on the 1040

Learning 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; Forms 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

Designed For:

New staff and para-professionals who prepare individual returns
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