Preparing Individual Tax Returns for New Staff and Paraprofessionals
Live Virtual Seminar
8.00 Credits
Member Price $315.00
Price will increase by $50 on 11/15
Non-Member Price $375.00
Price will increase by $50 on 11/15
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
Leader(s):
Leader Bios
John Evanich Jr.
John L. Evanich, Jr., CPA, is a retired tax partner, formerly with CohnReznick, LLP – the 10th-largest CPA firm in the country. For more than 40 years, John specialized in working with professional service businesses, LLCs, LLPs, and S corporations on tax planning and other tax matters important to them. John has represented taxpayers on hundreds of IRS appeals and court petitions. With over 40 years of experience in public accounting, John is a past president of the Connecticut Society of CPAs (CTCPA), a past member of their Board of Governors, and a former trustee of their Educational Trust Fund. He is also a former member of AICPA Council. Mr. Evanich has lectured and written extensively on tax issues, both locally and nationally. He is a member of the American Institute of CPAs. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. He has also served as chairman of many CTCPA committees, most notably the Federal Taxation, State Taxation, Public Relations, and Technical Consultation Services committees. John has also testified on tax matters of concern to middle- and upper-income taxpayers, as well as small businesses, before the Ways and Means Committee of the U.S. House of Representatives, as well as various Connecticut state legislative committees. Mr. Evanich received a bachelor’s degree in accounting with honors from the University of Bridgeport, Connecticut and completed all course work in the Master’s in Taxation program at Pace University in New York City.
Non-Member Price $375.00
Member Price $315.00