Fundamentals of Form 1040 - Individual
Online
4.00 Credits
Member Price $149.00
Non-Member Price $214.00
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.
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
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
Designed For
CPAs, EAs, tax professionals, paralegals, financial planners
Prerequisites
None
Preparation
None
Notice
You will receive an email from CPA Crossings via Webex with instructions to access the webinar.
Leader(s):
Leader Bios
Mary Jane Hourani, MM, EA, NTPI Fellow, Hourani & Associates, 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 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 2014 as well as a speaker for several trade organizations since 2010.
Mary Jane has been a Contributing Editor and/or Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2015. She writes and compiles tax course packs used by Michigan State University Tax School. Mary Jane is an author/speaker for several national trade organizations and national CPE providers. 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 $214.00
Member Price $149.00