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Preparing Individual Tax Returns for New Staff and Para-Professionals (PITR)

  • Format Live Seminar
  • Credits 8
  • Level Basic
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

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. Updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.

Major Topics

  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
  • New 2016 due diligence requirements for the Child Credit and American Opportunity Credit
  • 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; 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
  • Retirement contributions and education credits and deductions
  • Tax computation – The Kiddie tax, AMT, regular tax, tax credits
  • Individual problems illustrating form preparation for various items, with numerous "practice tips"
  • Impact of recent legislation and forms changes on the 1040 

Learning Objectives

  • Learn complicated issues of filing status and dependency exemptions
  • Learn about Schedules A, B, C, D, E, and SE; Forms 2106, 4797, and 4562; passive rules and more
  • Complete comprehensive problems related to Schedules A, C, and D; Forms 2106, 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

Who should take this course:


New staff and para-professionals who prepare individual returns

None

None

Yes

No

No

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