Fundamentals of Form 1040 -- Individual

Overview

This course introduces professionals to the fundamentals of individual tax preparation. Participants will learn the essentials of Form 1040, including filing requirements, income reporting, and deductions. The session will also cover preparer responsibilities, due diligence, and taxpayer rights under Circular 230. By the end, attendees will have a solid understanding of the foundation of personal tax returns.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• Form 1040 essentials: filing requirements, due dates, and key schedules
• Filing status, dependency rules, and taxable income sources (wages, investment income)
• Adjustments to income, deductions and tax credits (standard vs. itemized deductions, EITC, Child Tax Credit, Education Credits)
• Preparer due diligence, Circular 230 compliance and taxpayer rights
• IRS cybersecurity considerations and best practices for taxpayer data security
• Legislative updates

Prerequisites

None

Designed For

CPAs, EAs, tax professionals, paralegals, financial planners

Objectives

After attending this presentation, you will be able to...

• Identify preparer responsibilities including due diligence and ethical obligations
• Determine the correct filing status and eligibility of dependents based on tax law
• Classify taxable income sources, including wages and investment income
• Differentiate between standard and itemized deductions and apply the correct deduction to a taxpayer’s return
• Calculate refundable and nonrefundable tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC)
• Implement best practices for taxpayer data security and confidentiality
• Apply IRS compliance rules under Circular 230
• Understand key legislative updates affecting individual tax returns

Preparation

None