FEDERAL TAX UPDATE: COMPREHENSIVE INDIVIDUAL TAX (FORM 1040)
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Course Details

Overview of Topics

  • BASIC FORMULA FOR CALCULATING INCOME TAX9 mins
  • FORM 104011 mins
  • RECOGNITION OF INCOME AND DEDUCTIONS27 mins
  • INCOME AND EXCLUSIONS55 mins
  • DEDUCTIONS62 mins
  • FILING STATUS67 mins
  • STANDARD DEDUCTIONS VS. ITEMIZED DEDUCTIONS78 mins
  • COMMON TAX CONCEPTS83 mins
  • CAPITAL GAINS AND LOSSES88 mins
  • ESTIMATED PAYMENTS97 mins

Course Description

Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. This practical webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. This course covers all the aspects with regard taxation and latest developments in tax laws. It includes basic formulas and methods that how the income tax is calculated. Further there are which deductions are available for individual tax clients which helps to minimize tax burden of your clients. You will come to know latest amendments from this course and enhance your knowledge to serve best to your individual tax clients.

MAJOR TOPICS COVERED

  • Essentials of Income Taxation
  • Basic Formulas for calculating Income tax
  • Various types of tax years
  • Identification of income and deduction with examples
  • Incomes and Exclusions
  • Factors affecting and determining filing status
  • General tax concepts
  • Estimated Payments
  • Credits

Recommended for CPAs, CFPs, EAs and other tax professionals.

Learning objectives

  • Recognize how the federal income tax differs from other types of federal taxes.
  • Know the process of computation of taxes for an individual.
  • Identify the differences in the tax for ordinary income, capital gains, and qualified dividend income.
  • Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions.
  • Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return.

About Presenter

Mike has more than 30 years of experience as a CPA. As Vice President at Entigrity Remote Staffing, he has advised 500+ accounting firms in leveraging remote working and offshore staffing for higher growth and profitability. He is also the author of “Principles of High Performance Leadership”.

Entigrity is the trusted remote (offshore) staffing partner of 500+ accounting and tax firms nationwide. With Entigrity, mid-size & regional accounting firms can hire qualified and experienced accounting professionals for positions like remote accountant, bookkeeper, tax preparers, tax auditor, etc. starting at $9/hour. You can start with one and build a team of remote staff with average savings of $50,000 to $80,000/year/employee.

In addition, the small accounting firms get the flexibility to scale up the working hours during season & scale down outside the season in with weekly hiring options of 10 | 20 | 30 | 40 hours/week. Moreover, if your requirements are not fixed and may keep varying from time to time, we have our On-Demand Staffing Model especially created for sole practitioners and small firms.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:09
  • Question 5 : 01:25
  • Question 6 : 01:45
  1. What is the due dates for individual to make payment of taxes?
  2. What is not included in Gross income as per section 61?
  3. In which items deductions is available?
  4. What is the limit for deduction of net capital losses?
  5. Who is qualifying as dependent child?
  6. Which are the use and importance of tax credits?
  1. What is not considered as a gift?
  2. What is the full form of AMT?
  3. What are the types of tax years?
  4. Who is not qualified for dependency exemption?
  5. What is the standard deduction for single in 2019?
  6. How much charitable contribution deduction allowed?
  7. What is not included in Income?
  8. How non – cash items are valued?
  9. Which is an accounting method?
  10. What is included in gross income as per Section 61?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.2
(26)
54%
19%
19%
8%
0%
  • WW
    William Weber , EA
    Jul 5th 2020
    Great
BK
bethany koch , CPA
I had a technical glitch - user error but all else was good. THe presentation materials were great, some of the review questions were worded pretty strange though, I thought.
YK
Yiseo Kim , CPA
best
BG
Beverly Guthrie
Very good
DR
David Rylander , EA
it was good
MB
Merri Bradley , EA
First 20% of course far too basic, not CE for tax professional. Presenter suggested that to avoid a hobby loss, a client could -- in essence -- violate the IRS rule that one must "take all deductions allowed or allowable." That kind of advice would open the door to all kinds of funny bookkeeping and errors!

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

On-Demand Webinars

CARES ACT: NOL CHANGES (UPDATED LATEST)
Friday, July 03, 2020 View Details/Register
UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD
Thursday, July 02, 2020 View Details/Register
FRAUD ESSENTIALS: WHO? HOW? WHY? WHAT?
Thursday, July 02, 2020 View Details/Register
PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)
Thursday, July 02, 2020 View Details/Register
ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT
Thursday, July 02, 2020 View Details/Register
TAX UPDATE : FCCA 2020 & SECURE ACT. (COVID-19)
Friday, June 26, 2020 View Details/Register
IRS FORM 1099 REPORTING REQ. INCLUDING UPDATES ON FORM 1099-NEC (LATEST 2020)
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR UTAH CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MISSISSIPPI CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MINNESOTA CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR CONNECTICUT CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR ARIZONA CPAS
Thursday, June 25, 2020 View Details/Register
MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Monday, June 22, 2020 View Details/Register
Arizona Specific Ethics (Part 1)
Monday, June 22, 2020 View Details/Register
General Ethics AICPA (2 Hours)
Monday, June 22, 2020 View Details/Register
  • Cost FREE
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-T-00051-19-S
  • CTEC Course ID 6273-CE-0016
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date June 25 ,2020
  • Published Date June 25 ,2020
  • Who should attend? Enrolled Agent Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Auditors Tax Firm Young CPA Entrepreneurial CPA Outsourced CFO Tax Accountant (Industry) Senior Accountant Tax Managers Tax Preparer
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

CARES ACT: NOL CHANGES (UPDATED LATEST)
Friday, July 03, 2020 View Details/Register
UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD
Thursday, July 02, 2020 View Details/Register
FRAUD ESSENTIALS: WHO? HOW? WHY? WHAT?
Thursday, July 02, 2020 View Details/Register
PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)
Thursday, July 02, 2020 View Details/Register
ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT
Thursday, July 02, 2020 View Details/Register
TAX UPDATE : FCCA 2020 & SECURE ACT. (COVID-19)
Friday, June 26, 2020 View Details/Register
IRS FORM 1099 REPORTING REQ. INCLUDING UPDATES ON FORM 1099-NEC (LATEST 2020)
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR UTAH CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MISSISSIPPI CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MINNESOTA CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR CONNECTICUT CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR ARIZONA CPAS
Thursday, June 25, 2020 View Details/Register
MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Monday, June 22, 2020 View Details/Register
Arizona Specific Ethics (Part 1)
Monday, June 22, 2020 View Details/Register
General Ethics AICPA (2 Hours)
Monday, June 22, 2020 View Details/Register