Surgent’s Preparing Individual Tax Returns for New Staff and Paraprofessionals (SSTX572/23)
The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, and bookkeepers to prepare a moderately complex 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.
New staff and paraprofessionals who prepare individual returns
- 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; 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 of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
- Updated credit information as amended by the Consolidated Appropriations Act of 2020 and American Rescue Plan Act of 2021
- 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