TSSG
SURGENT McCOY’S 1040 TAX SEASON SURVIVAL GUIDE
Another busy season is rapidly approaching, and this course will help get you up to date with the changes and major issues in preparing individual income tax returns for the 2010 tax year. Refresh your knowledge, cover the latest tax law changes, and learn about changes to forms as a result of new tax laws. Equip yourself with the skills needed in this hands-on course that focuses on the key areas experienced practitioners should know about in order to tackle another tax season confidently and successfully. Major Topics
- What's New: Focus on form changes, filing issues, and up-to-the-minute announcements.
- Issues for seniors: Retirement distributions; long-term care issues; Social Security benefits; in-home employees for medical needs; credit for the elderly and disabled.
- Issues for Family: Dependent care credit; kiddie tax elections; college planning credits; student loan interest; dependent exemptions; divorce; effect of TIPRA on the kiddie tax planning strategies
- Investment Reporting: Calculating stock basis for sales; dealing with stock options; capital-gains-tax issues, including complete coverage of the dividend tax rate deduction; issues when dealing with mutual funds; wash-sale rules; issues when reporting bond sales and common errors; foreign tax credit.
- Itemized Deductions: Checklist of deductible medical expenses; allocation of deductible taxes and list of nondeductible taxes; interest expenses and tracing rules; charitable donation issues; unreimbursed employee business expenses; job hunting; checklist of miscellaneous itemized deductions.
- Closely Held Business Issues: Depreciation rules; vehicle expenses, including all applicable tables and worksheets; independent contractor/employer concerns; Schedule C issues and opportunities.
- Real Estate: Principal residence; home office issues; second homes/vacation homes; Schedule E: passive activities/at risk.
- Pension Issues: IRA contributions -- Roth, regular, and nondeductible; SEPs and other pension choices.
- Miscellaneous form issues: TDF 90.22.1; Form 8886 Reportable Transactions; Form 5500-EZ for the self-employed taxpayer.
- Reference Information: Tax tables; AGI phaseout limits; tax rate schedules; Social Security limits; noncash donation worksheet; estimated tax payment limits; average itemized deduction chart; medical expenses checklist; checklist of miscellaneous itemized deductions; pension and IRA worksheets; investment expenses worksheet; business use of automobile tables; Form 2106 checklist; depreciation tables; leased-car inclusion tables; elections worksheet; and more!
- Compliance issues raised by legislation.
Learning Objectives
- Understand the present state of the most commonly encountered tax issues
- Understand what is new for the current year's preparation
Designed For: Practitioners who want to cover in one fast-paced day all relevant information needed to prepare individual income tax returns for the upcoming filing season.
Level of Knowledge: Update
Prerequisites: Experience in preparation of Form 1040 |
