Overview:
This three-day training course provides a comprehensive understanding of the federal income tax laws applicable to individuals. The session includes a comprehensive case study (using actual W-2s, 1099s, 1098s, K-1s, etc.). Participants will walk through the preparation of Form 1040 and related tax schedules, learning complex income tax law. Each attendee will receive a comprehensive individual income tax reference manual that includes practice aids, real-world examples, new Federal income tax forms and schedules, and Pat Garverick's Quick Reference Chart. This training is taught using a hands-on methodology. Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), the participant will walk through the preparation of Form 1040 and related tax schedules while learning the complex income tax law. Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real-world examples, new Federal income tax forms and schedules, and Pat Garverick's Quick Reference Chart.
Objectives:
• Understand a majority of the Federal income tax laws applicable to most individuals (i.e., theory) and apply this from a tax-form perspective • Prepare a complete Form 1040 individual income tax return and related schedules with minimal review points
Major Topics:
• An extensive review of the individual income tax laws with an emphasis on any new legislative changes and Form 1040 (and related schedules) preparation issues • Walk through the detailed 20% qualified business income (QBI) deduction computation and Form 8995/8995-A • Form 1040-gross income items including wages, interest & dividends (Schedule B), alimony, refunds, unemployment compensation, pension, IRA's, social security and other miscellaneous income items • Schedule A-allowable itemized deductions & changes after the TCJA • Schedule C and F-trade or business income and deductions • Form 4562-depreciation, amortization and 179 expense • Schedule D-sales of capital assets and personal residences • Form 4797-sale of trade or business property, including the ordinary income recapture rules under IRC 1245 and 1250 • Schedule E-rentals, passive activities and flow-through entities K-1s • Adjustments to gross income, including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony paid, student loan interest and self-employed health insurance deduction • Overview of the various taxes, including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% net investment income tax • Selected tax credits (e.g., child tax, dependent care and education)
Major Topics:
• An extensive review of the individual income tax laws with an emphasis on any new legislative changes and Form 1040 (and related schedules) preparation issues • Walk through the detailed 20% qualified business income (QBI) deduction computation and Form 8995/8995-A • Form 1040-gross income items including wages, interest & dividends (Schedule B), alimony, refunds, unemployment compensation, pension, IRA's, social security and other miscellaneous income items • Schedule A-allowable itemized deductions & changes after the TCJA • Schedule C and F-trade or business income and deductions • Form 4562-depreciation, amortization and 179 expense • Schedule D-sales of capital assets and personal residences • Form 4797-sale of trade or business property, including the ordinary income recapture rules under IRC 1245 and 1250 • Schedule E-rentals, passive activities and flow-through entities K-1s • Adjustments to gross income, including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony paid, student loan interest and self-employed health insurance deduction • Overview of the various taxes, including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% net investment income tax • Selected tax credits (e.g., child tax, dependent care and education)
Designed For:
This course is for tax return preparers, staff accountants, and paraprofessionals with little or no experience. This course is also for retired public accountants that seek a comprehensive basic individual income tax course.
Prerequisites:
None