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Surgent’s Individual Income Tax School (SITS)

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Surgent’s Individual Income Tax School (SITS)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    16
  • Qualifies for

    IRS CPE

Overview

This course will take new and administrative staff from the most basic concepts to a full understanding of individual tax return preparation -- just in time for the crunch of busy season! Updated for impacts of recent legislation, including the American Rescue Plan Act, the CARES Act, the SECURE Act, and the Tax Cuts and Jobs Act of 2017. The course builds from a strong technical foundation, to prepare simple, to moderate, to complicated individual tax returns.

Major Topics:

  • Effects of recent legislation, including temporary COVID-19 relief
  • The Qualified Business Income deduction
  • 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
  • IRA contributions and distributions
  • Distributions from qualified retirement plans, pensions, and annuities
  • Profit and loss from business or profession and self-employment tax
  • Depreciation
  • Rental income and expenses
  • Preparation of Schedules A, B, C, D, E, and Forms 4562, 4797, and more

Learning Objectives

  • Prepare simple, to moderate, to complicated individual tax returns
  • Understand complicated issues of filing status and dependency exemptions
  • Understand issues with reporting capital gains transactions
  • Complete targeted comprehensive problems related to Schedule A, Schedule C, Schedule D, Form 4797 and Alternative Minimum Tax
  • Be familiar with passive activity rules
  • Complete several tax returns; many schedules and worksheets; answers with filled-in forms are provided

Designed for:

New staff, rusty or those returning to the profession, who desire to prepare individual returns

Prerequisite:

None

Advanced Preparation:

None

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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+Courses not included: ETDE, ETTX, Annual Tax Refresher, Surgent Interactive games and certification courses. Exclusions may change at any time.

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