This one-day course covers the fundamentals of Form 1040, including filing requirements, income reporting, and deductions, while also guiding participants into the complexities of business income taxation and expanded reporting requirements.
The primary focus areas of the course are Form 1040 preparation, preparer responsibilities and due diligence, and the complexities of business income reported on accompanying schedules (Schedule C and Schedule E). The agenda prioritizes these elements, dedicating significant time to filing mechanics and the specialized business topics required for practitioners in their first through fifth years of practice.
The course fee includes the IRS Form 1040 Individual Income Tax Preparation workbook, compiled and written by Mary Jane Hourani, MM EA, NTPI Fellow.
This class only offers CPE and IRS credits. It does not provide CFP or CLE credits. Continuing education credits in federal tax law and related matters will be awarded upon completion of the class.
Audience
Designed for tax professionals seeking deeper proficiency, particularly those in their first through fifth years of practice.
Upcoming events
Learning objectives
- Determine the correct filing status and eligibility of dependents based on tax law.
- Recognize and classify taxable income sources, including wages and investment income.
- Differentiate between standard and itemized deductions and apply the correct deduction to a taxpayer’s return.
- Calculate refundable and nonrefundable tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC).
- Analyze Schedule C to determine business income, deductions, and self-employment tax implications.
- Earn 8 Continuing Professional Education (CPE) credits
- Federal tax law and related matters
- Earn 8 IRS-approved continuing education credit hours
- Federal tax law and related matters
- Form 1040 essentials: filing requirements, due dates, and key schedules.
- Filing status, dependency rules, and taxable income sources (wages, investment income).
- Adjustments to income, deductions and tax credits (standard vs. itemized deductions, EITC, Child Tax Credit, Education Credits).
- Self-employment and business income taxation (Schedule C, self-employment tax, business deductions.
- Reporting income from pass-through entities (Schedule E, Schedule K-1).
- Best practices for self-employed clients and small business owners.
- Key deductions and credits for business owners.
- Avoiding common IRS audit triggers related to business income reporting.
- Legislative updates impacting business income taxation in the current year.
- Preparer due diligence, Circular 230 compliance and taxpayer rights.
- IRS cybersecurity considerations and best practices for taxpayer data security.
- Legislative updates
Why take a University of Minnesota tax course?
Exceptional value and reputation.
- This is the only statewide course developed and delivered in cooperation with the Internal Revenue Service and the Minnesota Department of Revenue.
- University of Minnesota Extension is an IRS-approved continuing education provider for updated instruction on ethics, federal tax, and federal tax law (provider #SBVUH).
- We have 83 years of experience providing income tax information and resources.
What type of continuing education credit will I earn for attending University of Minnesota tax courses?
We have applied for the following continuing education credits for the Income Tax course:
- Continuing Professional Education credits (CPE): 8 hours, including federal tax law hours, federal tax law and related matters hours.
- Internal Revenue Service (IRS): 8 IRS credit hours, including federal tax law hours, and federal tax law and related matters hours.
The University has not been pre-approved as a provider for insurance or real estate credits. However, you may apply for credit through the Minnesota Department of Commerce, and approval may be granted.
The University’s tax course is exempt from having a NASBA “provider number.” According to the MN Administrative Rules 3300, the Minnesota Board of Accountancy accepts our courses for CPE credit. Participants should list “University of Minnesota” in the provider number field on the application.
Will my continuing education credits be reported to the IRS?
If you are a CPA, enrolled agent, or tax return preparer with a PTIN and would like to have your credits reported, you must provide your PTIN when you register online. After completing the course, your name, PTIN, and the number of credits you received will be reported to the IRS.
Please use the same name on your short course registration form as you used to obtain your PTIN, or you will not receive credit from the IRS.
How will I receive my certificate?
Your certificate will be emailed to you from [email protected]. Please ensure you register with your correct email address to receive your certificate after completing the course.
This course has been approved by the IRS Registered Preparer Office. The University of Minnesota Extension is an Approved Continuing Education Provider.
Questions?
Certificates, credits, or general program: 612-625-5923 or [email protected]
Registration, switching sessions, cancellations, or creating your profile: [email protected]