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Preparing Individual Tax Returns for New Staff and Paraprofessionals (PITR)

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Self-Study SELECT STARTING AT $159 (On Demand)

Downloadable PDF

Credits: 8

Qualifies For: IRS CPE

$159

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Credits: 8

Qualifies For: IRS CPE

$210

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Credits: 8

Qualifies For: IRS CPE

$199
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Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

Preparing Individual Tax Returns for New Staff and Paraprofessionals (PITR)

  • Customer Rating
    (55)
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    8
  • Qualifies for

    IRS CPE CTEC

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.

Major Topics:

  • 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 

Learning 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

Designed for:

New staff and paraprofessionals who 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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