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

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 FFCRA, CARES Act, Consolidated Appropriations Act of 2021 (CAA 2021), ARPA, and TCJA.

Prerequisites

None

Objectives

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

Highlights

• Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
• How the FFCRA paid sick and family leave credits impact the returns of self-employed individuals
• Recent changes to Excess Business Losses under the CARES Act and ARPA
• Self-employed person issues including Schedule C deductions
• Depreciation deductions including Section 179, bonus depreciation and MACRS deductions
• Sale of depreciable assets used in a trade or business
• How to handle rental property and how the passive loss rules flow to the tax forms
• IRA contributions and distributions
• Distributions from qualified retirement plans, pensions, and annuities
• Changes made to RMDs by the SECURE Act
• Retirement contributions and education credits and deductions
• Tax computations including the Alternative Minimum Tax
• Individual problems illustrating form preparation for various items
• ARPA’s partial exclusion of unemployment compensation for certain taxpayers
• Impact of recent legislation, including temporary COVID-19 relief, and forms changes on the 1040