Surgent's Selected Issues in Preparation of 1040 Individual Income Tax Returns

Overview

This course provides new staff accountants, data processing employees, para-professionals, and bookkeepers a study into some of the more complicated issues they may face in tax return preparation. Updated for impacts of recent legislation, including the SECURE Act 2.0, the Inflation Reduction Act, CARES Act, Consolidated Appropriations Act of 2021 (CAA 2021), ARPA, TCJA, and SECURE Act.

Highlights

• Business income and expenses
• IRAs, qualified retirement plans, and Social Security benefits
• Depreciation and recapture
• Rental income and expenses, income via Schedule K-1, and loss limitations
• Alternative Minimum Tax
• Casualty losses, moving expenses, sale of home, alimony, and penalties

Prerequisites

None

Designed For

New staff, rusty or those returning to the profession, who desire to prepare individual returns

Objectives

• Have an overview of passive activity rules
• Complete a comprehensive Form 1040 
• Learn about IRA contributions and self-employed retirement plans
• Complete a comprehensive problem related to computation of an individual’s federal income-tax liability, with filled-in forms

Preparation

None