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 most tax forms. This course covers the latest tax law changes, making it essential for your new staff. Major Topics
- Preparation of various Form 1040 individual tax returns and schedules
- First –time homebuyer tax credits
- 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 -- How to handle mutual fund sales and related basis issues
- Self-employed person issues
- Sale and exchange of property -- Understanding Form 4797 and depreciation recapture; capital gains
- Schedule C deductions
- Passive losses -- How to handle rental property and a working understanding of 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
- Tax computation – The Kiddie tax, AMT, regular tax, tax credits, etc.
- Individual problems illustrating form preparation for various items
- Impact of recent legislation on the 1040
Learning Objectives
- Understand the complicated issues of filing status and dependency exemptions
- Learn about taxable and tax-exempt interest issues as well as dividend income
- Understand the issues involved with reporting capital gains transactions
- Complete a comprehensive problem related to Schedule C of the Form 1040
- Complete a comprehensive problem related to Form 4797
- Learn about at-risk and passive activity rules
- Complete a comprehensive problem related to Schedule A
- Understand the various types of interest
- Learn about IRA contributions, KEOGH plans, child-care 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 staff and para-professionals who prepare individual returns.
Level of Knowledge: Basic
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