Surgent's Individual Income Tax Fundamentals - Download

Overview

This course will take new and administrative staff from the most basic concepts to a full understanding of individual tax return preparation - just in time for the crunch of busy season! Updated for impacts of recent legislation, including the SECURE Act 2.0, the Inflation Reduction Act, American Rescue Plan Act, the Consolidated Appropriations Act of 2021, the CARES Act, and the SECURE Act, and the TCJA. The course builds from a strong technical foundation, to prepare simple, to moderate, to complicated individual tax returns.

Highlights

Effects of recent legislation, including the recently enacted Inflation Reduction Act and the SECURE Act 2.0
The Qualified Business Income deduction
Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
Wages and salaries
Interest income, dividend income, mutual funds, Social Security
Figuring tax
Basic income tax preparation, Form 1040, and Schedules 1 – 3
Capital gains and losses
Medical and dental expenses, charitable contributions
IRA contributions and distributions
Distributions from qualified retirement plans, pensions, and annuities
Profit and loss from business or profession and self-employment tax
Depreciation
Rental income and expenses
Preparation of Schedules A, B, C, D, E, and Forms 4562, 4797, and more

Prerequisites

None

Designed For

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

Objectives

Prepare simple, to moderate, to complicated individual tax returns
Learn complicated issues of filing status and dependency exemptions
Understand issues with reporting capital gains transactions
Complete targeted comprehensive problems related to Schedule A, Schedule C, Schedule D, Form 4797, and Alternative Minimum Tax
Overview of passive activity rules
Complete several tax returns; many schedules and worksheets; answers with filled-in forms are provided