Fundamentals of Form 1040 -- Individual WEBINAR
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.
Highlights
Form 1040 essentials. Filing status, dependency rules, and taxable income sources. Adjustments to income, deductions and tax 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, and financial planners.
Objectives
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. Implement best practices for taxpayer data security and confidentiality. Apply IRS compliance rules under Circular 230Understand key legislative updates affecting individual tax returns.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Mary Jane Hourani, Professional Education Management Inc
Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms in before transitioning to her own practice in 2005. Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting. She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow. Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2008 as well as a speaker for several trade organizations since 2005. Mary Jane has been a Contributing Editor and Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2009. She writes and compiles tax course packs used by Michigan State University Tax School and other trade organizations. She is a former H&R Block Instructor/Trainer. Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Non-Member Price $199.00
Member Price $149.00