1040 Preparation and Planning 1: Fundamentals (2020) (Currently Unavailable)
Author: Sidney Kess, Barbara Weltman
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This on-demand course introduces the fundamentals of federal income tax and gives an overview of the general income tax structure. It also includes some basic tax accounting essentials: tax year and accounting method. It discusses taxpayer classification, the purpose of the income tax return and forms, who must file a return, recordkeeping requirements and more.
Publication Date: November 2019
Topics Covered
- Basic Federal Income Tax Structure
- Classification of Taxpayers
- Purpose of the Income Tax Return and Income
- Estimated Tax
- Who Must File a Return
- Getting Started on Preparing the Return
- Gross Income
- Standard Deduction
- Paying the Tax
- Filing the Return
- Tax Accounting - Accounting Periods and Methods
Learning Objectives
- Describe the basic federal income tax structure
- Identify who is required to file a return
- Describe the basic parts of the income tax return
- Describe payment options for taxes owed
- Discuss the concepts of tax year and accounting method
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
