Fundamentals of the 1040 Business Income & Reporting

Overview

This course is designed for practitioners in their first through fifth years of practice. Through a theoretical & practical study of Form 1040 & selected accompanying schedules, the course reviews the fundamental rules governing the preparation of individual income tax returns. Participants will examine taxpayer filing requirements & filing status, dependency determinations, reporting different types of income & adjustments to income & the distinction between business income & hobby income.

The course also reviews itemized deductions & the standard deduction, common refundable & nonrefundable income tax credits & documentation requirements for Earned Income Tax Credit (EITC) due diligence. In addition, the program addresses preparer responsibilities, ethical considerations in tax return preparation & confidentiality, privacy & disclosure requirements.

Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab & submit to terri.storer@acpen.com