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Selected Issues in Preparation of 1040 Individual Income Tax Returns (SIPI)

  • Format Self-Study Download
  • Credits 10.00
  • Level Basic
  • Field of Study Taxes (Technical) (10)

Overview

This course provides new staff accountants, data processing employees, para-professionals, and bookkeepers a study into some of the more complicated issues they may face in tax return preparation. Updated for impacts of the Tax Cuts and Jobs Act of 2017.



Major Topics:

  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include 'filled-in' forms
  • How the Affordable Care Act affects tax returns
  • Self-employed person issues including Schedule C deductions and detailed case
  • Depreciation deductions including Section 179, bonus depreciation and MACRS deductions
  • Sale of depreciable assets used in a trade or business
  • How to handle rental property and how the passive loss rules flow to the tax forms
  • IRA contributions and distributions
  • Distributions from qualified retirement plans, pensions, and annuities
  • Retirement contributions and education credits and deductions
  • Tax computations including the Alternative Minimum Tax
  • Individual problems illustrating form preparation for various items
  • Impact of recent legislation and forms changes on the 1040

Learning Objectives:

  • Complete a comprehensive problem related to Schedule C of the Form 1040
  • Have an overview of passive activity rules
  • Complete a comprehensive Form 1040 including Alternative Minimum Tax
  • Learn about IRA contributions and self-employed retirement plans
  • Complete a comprehensive problem related to computation of an individual’s federal income-tax liability including the Alternative Minimum Tax, with filled-in forms

Who should take this course:

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

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