Preparing Individual Tax Returns for New Staff and Paraprofessionals

Overview

You could pay $0 for this course!

This course qualifies for EA/IRS and CFP credit. If you need EA/IRS credit, please contact Tyler Dion (tdion@masscpas.org) after you have registered and provide him your PTIN number.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-3362. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

New and expanded energy credits under the Inflation Reduction Act (IRA) Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms Coverage of Form 7203 Coverage of 199A qualified business income, its calculation, limitations, and examples 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 Self-employed person issues Schedule C deductions including depreciation Sale and exchange of property - Understanding Form 4797 and depreciation recapture; capital gains 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 Charitable contributions substituting for taxes, IRS says - No! Retirement contributions and education credits and deductions Tax computations - The Kiddie Tax, AMT, regular tax, tax credits Individual problems illustrated by form preparation for various items, with numerous “practice tips” Impact of recent legislation and forms changes on the 1040

Prerequisites

None

Designed For

New staff and paraprofessionals who prepare individual returns

Objectives

Learn complicated issues of filing status and dependency exemptions Learn about Schedules A, B, C, D, E, and SE; Forms 8867, 4797, and 4562; passive rules and more Complete comprehensive problems related to Schedules A, C, and D; QBI, 4797, 6251, and more, all with “filled-in” forms Learn about IRA contributions, self-employed retirement plans, child-care credits, and the adoption tax credit

Preparation

None