Virtual
Staff Tax Training: Individuals (Form 1040) 2023
Date: July 18 - 20, 2023
Time: 8 a.m. – 3:30 p.m. PT
Member
$879.00
Nonmember
$1,169.00
Members, log in to access your discount.
Overview
This three-day training course provides a comprehensive understanding of the federal income tax laws applicable to individuals. The session includes a comprehensive case study (using actual W-2s, 1099s, 1098s, K-1s, etc.). Participants will walk through the preparation of Form 1040 and related tax schedules, learning complex income tax law. Each attendee will receive a comprehensive individual income tax reference manual that includes practice aids, real-world examples; new Federal income tax forms and schedules; and Pat Garverick's Quick Reference Chart. This session is taught using a Hands-On methodology. Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), the participant will walk through the preparation of Form 1040 and related tax schedules while learning the complex income tax law. Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real-world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.
Product Code
1000002012-118917
Credit Type
CPE: 24CPE-Technical: 24CTEC-TX: 24IRS-TX: 24Intended Audience
This course is for tax return preparers, staff accountants, and paraprofessionals with little or no experience. This course is also for retired public accountants that seek a comprehensive basic individual income tax course.
NASBA Field of Study
Taxes
Level of Difficulty
Basic
Prerequisites
None
Advance Preparation
None
Learning Objectives
Major Subjects
- Extensive review of the individual income tax laws with an emphasis on any new legislative changes and Form 1040 (and related schedules) preparation issues
- Walk through the detailed 20% qualified business income (QBI) deduction computation and Form 8995/8995-A
- Form 1040 – gross income items including wages, interest & dividends (Schedule B), alimony, refunds, unemployment compensation, pension, IRA’s, social security and other miscellaneous income items
- Schedule A – allowable itemized deductions & changes after the TCJA
- Schedule C and F – trade or business income and deductions
- Form 4562 – depreciation, amortization and §179 expense
- Schedule D – sales of capital assets and personal residences
- Form 4797 – sale of trade or business property including the ordinary income recapture rules under IRC §1245 and §1250
- Schedule E – rentals, passive activities and flow through entities K-1s
- Adjustments to gross income including IRA’s, SEPs, SIMPLEs, HSAs, tuition and fees, alimony paid, student loan interest and self-employed health insurance deduction
- Overview of the various taxes including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% net investment income tax
- Selected tax credits (e.g. child tax, dependent care and education)
Faculty
