1040 Boot Camp - VIRTUAL
16.00 Credits
Member Price $500
Non-Member Price $550
Overview
Several years ago, Taxspeaker’s President Bob Jennings began recognizing the lack of younger faces in live crowds around the country. He attributed it to one major problem: the failure of today’s university accounting programs to properly educate students that 50% of the US economy is driven by small business while training students exclusively for “Big 4” employment as, essentially, taxpayer-funded Big 4 training programs.
Our solution was to develop a “1040 Boot Camp” to train non-traditional employees in how to prepare individual income tax returns as taught by actual small-firm owning, professional speaker tax professionals. The course has proven to be extraordinarily popular since we started it in 2019. Each speaker is a firm owner with at least 20 years experience.
Designed for the staff person with 0-3 years of experience it provides hands-on training for non-traditional employees in preparing Forms 1040, A,B,C,D, E and depreciation. Each day ends with a student’s manually-prepared 1040, which is then explained individually (but not graded or picked up) by the professional instructors. Attendees in 2023 commented that they were afraid of the case study but found it exhilaratingly useful, and that the training was immediately useful.
***Not applicable for CPE credit***
Prerequisites
None
Designed For
CPAs working in accounting and audting
Objectives
Upon completion of this course you will be able to:
- Determine what qualifies for medical deductions
- Define medical expense
- Identify the qualities of US Savings bonds
- Determine what factors affect qualified education expenses
- Determine what can be deducted by Day Care facilities
- Determine what meals and entertainment expenses can be deducted
- Determine when Section 1041 applies
- Identify when transfers between soon to be ex-spouses are tax free
- Determine what can be depreciated
- Define Bonus depreciation
- Identify the origins of MACRS
- Determine the MACRS lives of various items
- Determine how an IRA may be invested
- Identify the differences between different retirement accounts
- Determine what is involved in making withdrawals from Roth IRAs
- Determine where to report rollovers
Preparation
None
Leader(s):
Leader Bios
Terry Bakker, TaxSpeaker
Terry O’Leary Bakker CPA, EA, LTC 67985-C is the owner of O’Leary’s Tax Service, Ltd. in downtown Vancouver, Washington, across the river from Portland, Oregon. Terry graduated with her BS in Business Administration: Accounting from Portland State University in 1988 and has worked in tax ever since. Terry is an Enrolled Agent and a CPA licensed in Washington and Oregon. In addition to running an active tax practice serving the needs of individuals and small business, Terry has a commitment to the profession. She is a Past President of the Oregon Association of Independent Accountants, as well as holding other positions, including head of the Education Committee. As part of her commitment, she teaches the Enrolled Agents Preparation course for her Association and has spoken for all of the tax preparation associations in Oregon.
Non-Member Price $550
Member Price $500