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OnDemand Course

IRS Form 1040 Preparation Part 1: Fundamentals

Sharpen your understanding of the basics of personal income taxes and reporting them on a Form 1040.

Filing your income taxes is a chore. Without a better understanding of the U.S. tax system and the forms used to report to the IRS, filing taxes can potentially become problematic. Learn about recent changes to the income tax laws. Reduce potential IRS scrutiny. With a maze of IRS publications, and confusing and ever-changing IRS reporting guidelines, compliance can be a daunting task for any person.

Learning Objectives

  • You will be able to identify the fundamental structure of the Form 1040
  • You will be able to recognize the role of the IRS and changes due to the Tax Cuts and Job Act.
  • You will be able to differentiate between the tax liability between various taxpayer types
  • You will be able to differentiate between the purposes of the supplemental Form 1040 Schedules

Runtime: 107 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

  1. S. Income Tax System
    • Federal Income Tax Structure
    • Classification of Taxpayers
    • Internal Revenue Service

    Income Tax Returns

    • Who Must File an Income Tax Return?
    • Basic Contents of Form 1040 and Its Schedules
    • Filing Form 1040 and Paying Tax

    Basics of Tax Accounting

    • Types and Character of Income
    • Exemptions, Credits and Deductions
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on February 14, 2020.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 3.0 including Specialized Knowledge 3
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 3.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 3.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

William M. Gerhardt, J.D., LL.M. Taxation

William M. Gerhardt, J.D., LL.M. Taxation

William M. Gerhardt, J.D., LL.M.

  • Tax consultant for RSM US LLP in its San Antonio, TX office
  • Works with individual and entity taxpayers providing tax consulting and business advisory services in all facets of federal income taxation
  • Represents clients in tax controversy and dispute resolution cases before the IRS and the U.S. Tax Court
  • LL.M. degree in taxation, University of Florida College of Law; J.D. degree, St. Mary’s University School of Law; B.A. degree, Vanderbilt University
  • Can be contacted at 210-828-6281 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407558
Published 2020
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