Preparing Indiv. Tax Returns for New Staff & Parapr. Webcast [PITR]

Dec 7, 2022
Time: 7:00am-3:00pm



Credit Hours:



Member: $320.00
Non-member: $475.00

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Discussion Leader:

Don P. Cochran, CPA    more info

Don Cochran is a solo practitioner in Apple Valley, Minnesota. His 30 years of practice has been focused primarily in the areas of small business legal and tax consulting, and individual tax, estate, and financial planning. Don has practiced law in both Iowa and Minnesota, was a CPA with the Small and Emerging Business practice of then Big 8 accounting firm, Touche Ross, in Bloomington, Minnesota, and was the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company. He developed and provided continuing education on tax and legal planning strategies for small to medium size businesses and wealthy individuals, and worked with insurance wholesalers and financial advisors to understand and implement financial strategies geared towards asset preservation and income in retirement. Don earned his undergraduate degree, a Bachelor of Science in General Science, from the University of Iowa, Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being an attorney and Certified Public Accountant, he maintains his designations as a Certified Financial Planner® and Certified Retirement Counselor®. He is a member of the Minnesota and Iowa State Bar Associations, and the Minnesota Society of CPAs.

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Website registration for this course closes on December 6, 2022. To register after this date please contact the society at or 907-562-4334.

Full Description

Preparing Individual Tax Returns for New Staff & Paraprofessionals Webcast (PITR)

December 7th, 2022 / 7:00 am 3:00 pm Alaska Time

The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, and bookkeepers to prepare a moderately complex federal individual income tax return. Over the years, thousands of new staff have received practical, hands-on experience to become familiar with tax forms. This course covers the latest tax law changes, making it essential for your new staff.

Major Topics:
- Preparation of various Form 1040 individual tax returns and schedules; provided answers include filled-in forms
- Updated credit information as amended by the Consolidated Appropriations Act of 2020 and American Rescue Plan Act of 2021
- 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 whats deductible and whats 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 2106, 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

Designed For: New staff and paraprofessionals who prepare individual returns

CPE Credits: 8, Taxation

Level of Knowledge: Basic

Prerequisite: None

Acronym: PITR

Discussion Leader: Don P. Cochran, CPA