This course will take new and administrative staff from the most basic concepts to an understanding of individual tax return preparation. Continuously updated for the latest legislation, including the Inflation Reduction Act, American Rescue Plan Act, the Consolidated Appropriations Act of 2021, the CARES Act, the SECURE Act, and the Tax Cuts and Jobs Act of 2017.
Learning Objectives
- Learn complicated issues of filing status and dependency exemptions
- Understand issues with reporting capital gains transactions
- Complete tax returns, schedules, and worksheets
Major Topics
- Effects of recent legislation, including the recently enacted Inflation Reduction Act and the SECURE Act 2.0
- Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
- Dependents and income
- Wages and salaries
- Credits, withholding, estimated tax, and basic return preparation
- Capital gains and losses
- Itemized deductions
