CPE Course Preparing Individual Tax Returns for New Staff and Para-Professionals

December 17, 2021

9:00am — 4:45pm

Location

Member Price $259.00Register after November 26 and pay $279.00
Non-member Price $359.00Register after November 26 and pay $379.00

Curriculum Taxation

Field of Interest Taxes (Technical)

Level Beginning

Designed For

New staff and para-professionals who prepare individual returns

Objective

  • 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

Highlights

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.

  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
  • Taking initiative in difficult assignments; can you deliver the QBI message? Full coverage of §199A qualified business income, its calculation, limitations, and examples
  • Form 8867 – Protecting practitioners
  • 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
  • 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

Instructors

Randy C. Newton

Randy C. Newton, CPA, CVA, licensed as a CPA in North Carolina and South Carolina, is president and founder of NewtonCPA, PLLC. Randy’s area of expertise is in Corporate, Partnership, and Individual Income Tax Preparation -- utilizing a proactive tax planning model that streamlines, simplifies, and works to reduce tax liabilities for small taxpayers. In addition, he specializes in IRS representation work plus tax planning and research. He also has specialty areas in Business Valuation, as well as Financial Planning. Prior to the creation of his own firm, Randy worked with First Union National Bank (now Wells Fargo) in the Corporate Accounting and Capital Markets Divisions. Randy received his Accounting degree, Cum Laude, from Appalachian State University in 1992 and is a member of Phi Kappa Phi National Honor Society. As a CVA, Randy can place a certified value on closely held businesses for business owners seeking to sell, buy, or merge, or going through an ownership change. Randy is a member of the North Carolina Association of CPAs (NCACPA), former two­time president of the Charlotte Chapter of the NCACPA, and an active member of the American Institute of CPAs (AICPA).close

Prerequisites

None

Developer

Surgent McCoy CPE, LLC

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