This three-day training course is taught using a hands-on methodology and 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.
Learning Objectives
• Understand a majority of the Federal income tax laws applicable to most individuals (i.e., theory) and apply this from a tax-form perspective
• Prepare a complete Form 1040 individual income tax return and related schedules with minimal review points
Major Topics
• An 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 IRAs, 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)
