PITR PREPARING INDIVIDUAL TAX RETURNS FOR NEW STAFF AND PARA-PROFESSIONALS
The objective of this course is to train new staff accountants, data processing employees, para-professionals, and bookkeepers to prepare a complicated federal individual income tax return. 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.
Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
Tax filing status – Rules for filing status and planning opportunities and pitfalls
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
How the Affordable Care Act affects tax returns
Self-employed person issues
Sale and exchange of property – Understanding Form 4797 and depreciation recapture; capital gains
Schedule C deductions
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
Retirement contributions and education credits and deductions