October 21, 2024

Live Webcast

NYSED 8

Preparing Individual Tax Returns for New Staff and Paraprofessionals Webcast

October 21, 2024
Live Webcast
NYSED 8
  • View Bio

    Instructor

    William
    Allen

    View Bio

    William Allen Jr.

    Bio
    Dr. William H. Allen Jr. opened his own accounting firm (Allen & Associates, CPA) in 1984 and he still manages the firm’s overall day-to-day operations. His particular expertise lies within the areas of taxation and attest functions, which include auditing, compilations, reviews, and other services where independence is required. Prior to starting his own company, Dr. Allen worked for Arthur Andersen, LLP for 12 years in their Chicago, Atlanta, and Los Angeles offices. Dr. Allen holds a B.A. degree (double major in accounting and economics) from Florida A&M University. He received his M.B.A. degree (emphasis in accounting and finance) from Northern Illinois University. He also has a Ph.D. degree in accounting systems design and implementation from Temple University.
  • Comprehensive coverage of the Inflation Reduction Act of 2022 and The SECURE Act 2.0
  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
  • Coverage of Form 7203
  • Coverage of §199A qualified business income, its calculation, limitations, and examples
  • Dividends and interest – Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.
  • Security transactions – From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues
  • Self-employed person issues
  • Schedule C deductions including depreciation
  • Sale and exchange of property – Understanding Form 4797 and depreciation recapture; capital gains
  • A working understanding of passive losses – How to handle rental property and how the passive loss rules flow to the tax forms
  • Itemized deductions – A thorough understanding of what’s deductible and what’s not
  • Interest deductions – Limitations and timing problems
  • Charitable contributions substituting for taxes, IRS says – No!
  • Retirement contributions and education credits and deductions
  • Tax computations – The Kiddie Tax, AMT, regular tax, tax credits
  • Individual problems illustrated by form preparation for various items, with numerous “practice tips”
  • Impact of recent legislation and forms changes on the 1040

Learning Objectives

  • Learn complicated issues of filing status and dependency exemptions
  • Learn about Schedules A, B, C, D, E, and SE; Forms 8867, 4797, and 4562; passive rules and more
  • Complete comprehensive problems related to Schedules A, C, and D; QBI, 4797, 6251, and more, all with “filled-in” forms
  • Learn about IRA contributions, self-employed retirement plans, child-care credits, and the adoption tax credit

Major Topics

  • Comprehensive coverage of the Inflation Reduction Act of 2022 and The SECURE Act 2.0
  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms
  • Coverage of Form 7203
  • Coverage of §199A qualified business income, its calculation, limitations, and examples
  • Dividends and interest – Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.
  • Security transactions – From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues
  • Self-employed person issues
  • Schedule C deductions including depreciation
  • Sale and exchange of property – Understanding Form 4797 and depreciation recapture; capital gains
  • A working understanding of passive losses – How to handle rental property and how the passive loss rules flow to the tax forms
  • Itemized deductions – A thorough understanding of what’s deductible and what’s not
  • Interest deductions – Limitations and timing problems
  • Charitable contributions substituting for taxes, IRS says – No!
  • Retirement contributions and education credits and deductions
  • Tax computations – The Kiddie Tax, AMT, regular tax, tax credits
  • Individual problems illustrated by form preparation for various items, with numerous “practice tips”
  • Impact of recent legislation and forms changes on the 1040

CPE Credits Available

NYSED 8
8
Taxation (NYSED) - NYSED

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Taxation (NYSED)

Prerequisites

None

Advanced Preparation

None

Intended Audience

New staff and paraprofessionals who prepare individual returns

Provider

Surgent McCoy CPE LLC

This event has ended.