EA Exam Prep Part 1: Tax Sample 2- Prize Pulitzer (Currently Unavailable)

Author: Eva Rosenberg

This is the eighth part of the EA Exam Prep. Part 1 series. This is a hands-on course in preparing a sample tax return. The married couple, with a dependent child, have various details that affect their tax return. TaxMama® discusses the details behind each piece of information needed to complete an accurate return. Use your detective skills to identify missing information. Learn about constructing a critical component to tax preparation - the client question list. Get tips on various tax preparation software.

Publication Date: June 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to gain insight into individual tax preparation– and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at preparing a tax return for a sample client. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Form 1040 and associated schedules
• Child and dependent care expenses
• Retirement account contributions
• Educational expenses
• Income from an S Corporation and associated Schedule K-1
• Medical expenses
• Flexible spending account
• Property taxes
• Mortgage expense
• Home equity line-of-credit
• Energy credits
• Private mortgage insurance
• Charitable contributions
• Alaska permanent fund dividend

Learning Objectives

• Recognize the preparation of Form 1040
• Identify how to prepare Form 1040 Schedule 1 — Additional Income and Adjustments to Income, Form 1040 Schedule 3 — Nonrefundable Credits, Form 1040 Schedule A — Itemized Deductions, and supporting statements, Form 1040 Schedule B — Interest and Ordinary Dividends, Form 2441 — Child and Dependent Care Expenses, Form 8606 — Nondeductible IRAs, and Form 8814 — Parents' Election to Report Child's Interest and Dividends
• Identify appropriate filing status for taxpayers
• Recognize how to complete returns for taxpayers with dependent children
• Identify if taxpayers qualify for Section 199A — Business Income Deduction
• Describe state tax issues
• Identify additional information needed from the client
• Recognize how to formulate critical client questions pertaining to information needed to complete the return

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None