Course Information

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1040 Preparation and Planning 2: Gross Income (2012 Edition)
Author: Sidney Kess and Barbara Weltman

Description:

The purpose of this series of courses is to bring the tax preparer "up-to-speed" in the most efficient way possible for the tax preparation season. It offers quick answers and hands-on help for tax return preparation that has become increasingly complex by several recently passed tax Acts.

This second course in the series covers gross income from all sources, as well as exclusions and inclusions to gross income. Topics examined include how to report wages and benefits, including all forms of compensation, as well as which benefits are taxable and which are excludable from income; total interest from banks, savings and loan associations, credit unions, savings bonds, and tax refunds; and miscellaneous exclusions and inclusions not covered elsewhere, as well as how to recognize excludable and includable types of income.

More specifically, upon completion of this course, you will be able to:

  • Identify what items are included in gross income and what items are excludable.
  • Determine which types of benefits, distributions, interest or insurance proceeds are includable or excludable.
  • Identify excludable life insurance proceeds.
  • Determine which distributions from annuities, employee retirement plans, and IRAs are includible in gross income.
  • Identify what type of interest is taxable and nontaxable.
  • Identify qualified dividends and the special tax treatment they enjoy.
  • Report compensation in whatever form it is paid.
  • Identify various types of employee benefits plans.
  • Recognize which benefits are taxable and which benefits are excludable from income.
  • Recognize which types of income are excludable.
  • Determine what portion of some types of income is includible.
  • Recognize which types of income are fully includible.
Course Details:
Price:  $75.96
Field of Study:  Accounting
Prerequisites:  None
Level:  Basic
CTEC course number:  1075-CE-9843
Course was last updated on:  04/02/2013
Library:
Tax Return Preparation

Technical Requirements:
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Credit Available For: Units
CPE 4.00 CPE
CTEC Federal 4.00 CE
Enrolled Agent (Accepted by the IRS) 4.00 CPE
QAS 4.00 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. 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.