1040 Preparation and Planning 1: Fundamentals (2023) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess, Greg White

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Tax developments, including the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions, are extensive. They impact 2022 tax year returns that will be filed during the 2023 filing season and refund opportunities for earlier, “open” years; as well as point the way to strategic planning in 2023 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Publication Date: September 2022

Topics Covered

  • Basic Federal Income Tax Structure
  • Classification of Taxpayers
  • Purpose of the Income Tax Return and Income
  • Estimated Tax
  • Purpose of the Income Tax Return and Income Tax Forms - Payments on Account
  • Income Tax Forms
  • Major Schedules
  • IRS Forms
  • Who Must File a Return?
  • Single Dependents
  • Getting Started on Preparing a Return - Recordkeeping Techniques, Assembling Information, and Forms and Schedules
  • Gross Income
  • Fundamental Tax Rules
  • Exclusions
  • Common Examples of Exclusions
  • Deductions from Income
  • Deductions from Adjusted Gross Income
  • Standard Deductions
  • Tax Liability
  • Tax Credits
  • Tax Payments
  • Paying Taxes
  • Tax Refunds
  • Pointers on Filing the Return
  • Tax Accounting - Accounting Periods and Methods
  • Cash Basis
  • Change in Accounting 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


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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