The course allows participants to easily make the transition from the classroom to the “real world” this is a 3 day course totaling 24 hours – 8 hours per day. It is designed for new staff or paraprofessionals entering, or “rusty” preparers returning to the work force. The course is a comprehensive study of individual taxation, with an introduction to C corporation and S corporation preparation issues. This great reference manual is written in a very practical format and contains many examples and cases to illustrate the most important points new preparers need to be aware of for current tax returns.

Major Topics:

  • Complete coverage of any new legislation targeting individual taxation issues
  • Gross income, exclusions from income, parental election for certain taxpayers
  • Interest and dividend income, exclusions for Education Savings Bonds
  • Trade or business activities and their problems, employee vs. independent contractor overview, and home office deduction rules
  • Property transactions applicable to all taxpayers including proper depreciation calculation and recapture rules under §§1231, 1245, and 1250
  • Capital asset transactions
  • MACRS depreciation, §179 & additional first-year depreciation rules
  • Can I write off that new SUV?
  • Distributions and rollovers from qualified retirement plans, Traditional and Roth IRAs, and Education Savings
  • Passive activity losses – understanding what they are and how they work
  • Who qualifies as a real-estate professional
  • Standard deduction, selected itemized deductions, personal and dependent exemption rules
  • Tax calculations, regular tax, penalty taxes on retirement distributions, SE tax, and an overview of the alternative minimum tax system
  • Selected tax credits relating to individual taxpayers including American Opportunity, Lifetime learning, Adoption and Child Credit
  • Introduction to S corp. taxation including S corp. recent regulations
  • Introduction to C corporation issues including book/tax differences
  • The latest cases and rulings involving depreciation and amortization issues and how they impact clients, along with the most useful planning opportunities, and much more

Learning Objectives:

  • Understand complete detailed problems associated with the preparation of Form 1040
  • Understand income issues and Schedules A, B, C, D, and E of the Form 1040
  • Complete a comprehensive problem related to Form 4797
  • Understand depreciation, including §179, additional first-year and MACRS depreciation
  • Understand IRA contributions, childcare credits, and rules for the adoption tax credit
  • Complete a comprehensive problem related to computation of an individual's federal income tax liability

Designed For: New entry-level staff accountants (less than one year of experience) desiring an “in-depth” study of taxation
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
Credits: 8