Master the preparation of the individual income tax return! Understand the basics, with a focus on the law and compliance forms associated with Form 1040. An overview of the process for new preparers. A refresher for the more seasoned professional.
Learning Objectives
- Identify all of the individual income tax series 1040 and basic schedules and know when each form is used.
- Identify the major individual income tax items that most taxpayers report each year.
- Be familiar with source documents and how to use these documents to complete form 1040.
- Calculate the income tax liabilities of individual taxpayers with common individual tax items.
- Be familiar with resources that are available to assist the practitioner in identifying and then resolving individual income tax questions.
- Reinforce concepts through the use of basic quick case studies.
Major Topics
- Emphasize form 1040 and the accompanying reporting schedules for a basic individual income tax return.
- Identify and be able to implement basic individual income tax planning ideas for clients.
- Familiarity with several source documents utilized in the preparation of an individual income tax return.
- Identify common errors made in the preparation of an individual income tax return and understand how to avoid the errors in the future.
