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Mastering
1040 Tax Return ( Beginners)
Mastering
1040 focuses on teaching new to tax industry individuals wanting
to learn tax preparation for individuals .
This
class also includes the new IRS Annual Tax Reftresher Course ,
tax law updates and Ethics
This
is a one week course that also has practical tax preparation.
This
is the class for beginners.
After
class completion and required test , students receive IRS certifcate
of completion via PTIN account.
Course Outline
- Course startes with filing determination
and exemptions.
- Determing taxable income ; wages and
salaries, dividends and interest .
- Preparing Form 1040
- Basic income tax preparation -Form 1040
- Standard deduction versus Itemized deduction ;medical and dental
expenses, charitable contributions,Interest deductions
- Non refundable and refundable credits
- Miscellaneous itemized deductions.
- Tax Issues and filing including estimated tax
- Recent legislation and forms changes for the tax year
- Ethics
AFSP
Record of Completion
What
are the benefits of getting an AFSP – Record of Completion?
In
addition to being included in the new public directory of tax
return preparers, the AFSP – Record of Completion differentiates
you in the marketplace. The IRS launched a public education campaign
encouraging taxpayers to select return preparers carefully and
seek those with professional credentials or other select qualifications.
Also,
as of 2016, there are changes to the representation rights of
return preparers.
Attorneys,
CPAs, and enrolled agents will continue to be the only tax professionals
with unlimited representation rights, meaning they can represent
their clients on any matters including audits, payment/collection
issues, and appeals.
AFSP
participants will have limited representation rights, meaning
they can represent clients whose returns they prepared and signed,
but only before revenue agents, customer service representatives,
and similar IRS employees, including the Taxpayer Advocate Service.
PTIN
holders without an AFSP – Record of Completion or other professional
credential will only be permitted to prepare tax returns. They
will not be allowed to represent clients before the IRS
Continuing
Education Requirements
How do I obtain an AFSP – Record of Completion for Filing
Season ?
•Take 18 hours of continuing education from IRS-Approved
CE Providers, including: a six (6) hour Annual Federal Tax Refresher
(AFTR) course that covers filing season issues and tax law updates,
as well as a knowledge-based comprehension test administered at
the end of the course by the CE Provider;
You will need 18 hours of continuing education to participate
), including:
•a six (6) hour Annual Federal Tax Refresher (AFTR) course
with a knowledge-based comprehension test administered at the
end,
•10 hours of other federal tax law topics and
•two (2) hours of ethics.
•Have
a preparer tax identification number (PTIN).
•Consent to adhere to specific practice obligations outlined
in Subpart B and section 10.51 of Treasury Department Circular
No. 230.
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