This course focuses on 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. With a theoretical and practical study of Form 1040, and certain accompanying schedules, this course provides critical discussion of tax preparation. Learners will gain practical skills for accurately reporting self-employment income and pass-through entity activity on Form 1040. Income and expense reporting on Schedule C and Schedule E will be covered as well as the integration of essential forms such as Form 7203 (S corporation shareholder basis) and Form 7217 (Partnership basis tracking). Designed for tax professionals seeking deeper proficiency, this course equips participants to confidently prepare returns for clients engaged in sole proprietorships, partnerships, and S corporations. Additionally, preparer due diligence requirements, responsibilities and obligations will be covered. At the end, attendees will have a solid understanding of the foundation of personal tax returns. guiding participants into the complexities of business income taxation and expanded reporting requirements. Legislative updates impacting business filers will be covered. This course is designed for practitioners in their first through fifth years of practice.

Learning Objectives
Upon completion of this course, the learner 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
• Recognize and 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)
• Analyze Schedule C to determine business income, deductions, and self-employment tax implications
• Interpret Form 7203 to determine shareholder stock and debt basis for S corporation shareholders
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• Analyze and apply the reporting requirements of IRS Form 7217, including determining a partner’s basis in distributed property
• Calculate self-employment tax and apply deductions related to business expenses
• Implement preparer best practices to avoid common IRS audit triggers

To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification.

Participants have 1 year from the date of purchase/enrollment to complete this course

Our Refund Policy can be found at: https://cpeprime.com/cancellation-and-refund/

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