Webcast: Surgent's Preparing Individual Tax Returns for New Staff and Paraprofessionals
8.0 Credits
Member Price $255.00
Non-Member Price $340.00
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
- New and expanded energy credits under the Inflation Reduction Act (IRA)
- 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
Leader(s):
Leader Bios
David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC
David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC. He has over fifteen years of financial services experience, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Kaplan, and Surgent and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.
Non-Member Price $340.00
Member Price $255.00