1040 Preparation and Planning 1: Fundamentals (2021)

Author: Sidney Kess, Barbara Weltman

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

This on-demand course introduces the fundamentals of federal income tax and gives an overview of the general income tax structure. It also includes some basic tax accounting essentials: tax year and accounting method. It discusses taxpayer classification, the purpose of the income tax return and forms, who must file a return, recordkeeping requirements and more.

Publication Date: November 2020

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

Registration Options
Regular Fee $59.00

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