Preparing Individual Tax Returns for New Staff and Para-Professionals (PITR)

Fargo Holiday Inn – 1/13/2010
8 CPE Hours
$225 Member ($225 Nonmember)
Add $25 after 12/30/2010

Instructor: Susan Smith

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 most tax forms. This course covers the latest tax law changes, making it essential for your new staff.

Objectives:

  • Understand the complicated issues of filing status and dependency exemptions
  • Learn about taxable and tax-exempt interest issues as well as dividend income
  • Understand the issues involved with reporting capital gains transactions
  • Complete a comprehensive problem related to Schedule C of the Form 1040
  • Complete a comprehensive problem related to Form 4797
  • Learn about at risk and passive activity rules
  • Complete a comprehensive problem related to Schedule A
  • Understand the various types of interest
  • Learn about IRA contributions, KEOGH plans, child-care credits, and rules for the adoption tax credit
  • Complete a comprehensive problem related to computation of an individual's federal income tax

Major Subjects:

  • Preparation of various Form 1040 individual tax returns and schedules
  • First time homebuyer tax credits
  • Tax filing status -- Rules for filing status and planning opportunities and pitfalls
  • Dividends and interest -- Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.
  • Security transactions -- How to handle mutual fund sales and related basis issues
  • Self-employed person issues
  • Sale and exchange of property -- Understanding Form 4797 and depreciation recapture; capital gains
  • Schedule C deductions
  • Passive losses -- How to handle rental property and a working understanding of 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
  • Retirement contributions and education credits and deductions
  • Tax computation The Kiddie tax, AMT, regular tax, tax credits, etc.
  • Individual problems illustrating form preparation for various items
  • Impact of recent legislation on the 1040

Designed For: New staff and para-professionals who prepare individual returns.
Level: Basic
Developer: Surgent McCoy CPE, LLC