January 27, 2020 – January 28, 2020 8:00am – 3:30pm Map & Directions 602-252-4144

Hands-On Tax Workshop – Individual (Form 1040)(Two Day Course)

Description

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.

Location

ASCPA Learning Center
4801 E Washington St Ste 180
Phoenix, AZ 85034-2040

Registration Time

7:30am

Fees

Member:
$570
Non-CPA Staff:
$670
Non-CPA Staff (100% club):
$570
Non-CPA Staff (sole proprietor):
$570
Non-Member:
$670
Phoenix
Taxation
16

Objectives

  • Prepare a complete Form 1040 income tax return and related schedules with minimal review points
  • Understand the individual income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

Course Level

Beginning

Vendor

Phoenix Beach, LLC More With This Vendor

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course

Prerequisites

None

Event Leaders

Garverick, J Patrick

Rating: 4.88


Pat Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater, OSU.


More With Garverick, J Patrick

Highlights

This two-day session 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 the Form 1040 and related tax schedules. 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 the Phoenix Beach Quick Reference Chart. Topics include:

  • Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting individual including but not limited to the 20% qualified business income (QBI) deduction; changes to the income tax rates, kiddie tax computation, AMT, personal exemptions, itemized deductions, child tax credit, and income exclusions
  • Review of the ACA taxes (3.8% net investment income tax), penalties (individual mandate) and credits (health insurance premium assistance credit) repealed and retained
  • Dissecting the Form W-2, 1099s and Schedule K-1s
  • Schedule A - allowable itemized deductions and phase-out rules
  • Schedule B - interest and dividend income
  • Schedule C and F - trade or business income and deductions
  • Form 4562 - depreciation and amortization including 179
  • Schedule D - sale of capital assets and personal residences
  • Form 4797 - sale of trade or business property including the ordinary income recapture rules under 1245 and 1250
  • Schedule E - rentals, passive activities and flow through entities
  • Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits
  • Adjustments to gross income including IRAs, SEPs, tuition and fees deduction, student loan interest and self-employed health insurance
  • Calculate regular tax liability (Schedule D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Schedule SE)
  • Overview of selected income tax credits

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