This course will take new and administrative staff from the most basic concepts to an understanding of individual tax return preparation. Continuously updated for the latest legislation, including the CARES Act, Families First Coronavirus Response Act, CAA 2021, TCJA, and ARPA.
- Effects of recent legislation, including temporary COVID-19 relief
- An in-depth look at the new Recovery Rebate Credit
- Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
- Wages and salaries
- Interest income, dividend income, mutual funds, Social Security
- Figuring tax
- Basic income tax preparation, Form 1040 and Schedules 1 – 3
- Capital gains and losses
- Medical and dental expenses, charitable contributions, including recent legislative changes
- Distributions from qualified retirement plans, pensions, and annuities
- Preparation of Schedules A, B, C, D, E, and more
- Learn complicated issues of filing status and dependency exemptions
- Understand issues with reporting capital gains transactions
- Complete tax returns, schedules, and worksheets
New staff, rusty or those returning to the profession, who desire to prepare individual returns