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.
Learning Objectives
- Have an overview of passive activity rules
- Complete a comprehensive Form 1040Â
- 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
Major Topics
- 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
