About the Book
"The most effective system available to prepare for the new Tax Return Preparer Competency Exam If you are a professional tax return preparer but not an attorney, Certified Public Accountant, or Enrolled Agent, you are now required to pass a competency test known as the Registered Tax Return Preparer (RTRP) exam administered by the IRS. The exam covers all of the basic tax laws and filing requirements that a return preparer needs to know to complete a 1040 series return and its associated forms and schedules.Your career as a preparer depends on passing the exam, and the Wiley Registered Tax Return Preparer Exam Review has been designed with this in mind. It is the perfect guide to help you pass. This study guide, complete with review questions, examples and explanations, and test-taking tips, will provide you with a solid foundation to pass the RTRP exam. Provides comprehensive coverage of essential topics including treatment of income and assets, deductions and credits, preliminary work and collection of taxpayer data, completion of the filing process, ethics and circular 230, and much more Helps you zero in on areas that need work, organize your study program, and concentrate your efforts Trial access to PasstheTaxExam.com included with this guide Over a million Americans make money preparing taxes every year, and you can become one of them by passing the RTRP exam. Let the Wiley Registered Tax Return Preparer Exam Review be your guide"--
Book Synopsis
Whether you're already a tax preparer or you're looking to become one, you need a firm grasp of the tax concepts on which individual taxation is based. We created the Wiley Tax Preparer as a refresher for the experienced tax preparer, and as a readable guide for the less-experienced tax preparer.
This timely guide is an essential tax resource providing you with useful information on tax principles and filing requirements that a preparer must know to complete a 1040 series return and associated schedules. You'll refer to it time and again, for information about:
Practices and Procedures
- Penalties to be assessed by the IRS against a preparer for disregard of the rules and regulations
- Furnishing a copy of a return to a taxpayer
- Safeguarding taxpayer information
Treatment of Income and Assets
- Taxability of wages, salaries, tips, and other earnings
- Reporting requirements of Social Security benefits
- Determination of basis of assets
Deductions and Credits
- Medical and dental expenses
- Types of interest and tax payments
- Child and dependent care credit
Other Taxes
- Alternative Minimum Tax
- Self-Employment Tax
Preliminary Work and Collection of Taxpayer Data
- Collecting a taxpayer's filing information and determining their status
- Determine filing requirements, including extensions and amended returns
- Personal exemptions and dependents
Completion of the Filing Process
- Check return for completeness and accuracy
- Tax withholding, payment and refund options, and estimated tax payments
- Explaining and reviewing the tax return
Ethics and Circular 230
- Preparer's due diligence for accuracy of representations made to clients and the IRS
- Sanctions that may be imposed under Circular 230
- Rules governing authority to practice before the IRS
If you're looking for a practical guide to the principles behind Form 1040, look no further. The Wiley Tax Preparer is the most accessible guide to understanding how complex tax laws affect individual taxpayers.
From the Back Cover
- Review questions at the end of each chapter
- Key word definitions provided throughout
- Hundreds of examples bring the content to life
- Provides an in-depth understanding of IRS Form 1040
Taxes
WILEY TAX PREPARER: A GUIDE TO FORM 1040
Whether you're already a tax preparer or you're looking to become one, you need a firm grasp of the tax concepts on which individual taxation is based. We created the Wiley Tax Preparer as a refresher for the experienced tax preparer and as a readable guide for the less experienced tax preparer.
This timely guide is an essential tax resource providing you with useful information on the tax principles and filing requirements that a preparer must know to complete a 1040 series return and associated schedules. You'll refer to it time and again, for information about:
Practices and Procedures
- Penalties to be assessed by the IRS against a preparer for disregard of the rules and regulations
- Furnishing a copy of a return to a taxpayer
- Safeguarding taxpayer information
Treatment of Income and Assets
- Taxability of wages, salaries, tips, and other earnings
- Reporting requirements of Social Security benefits
- Determination of basis of assets
Deductions and Credits
- Medical and dental expenses
- Types of interest and tax payments
- Child and dependent care credit
Other Taxes
- Alternative Minimum Tax
- Self-Employment Tax
Preliminary Work and Collection of Taxpayer Data
- Collecting a taxpayer's filing information and determining their status
- Determine filing requirements, including extensions and amended returns
- Personal exemptions and dependents
Completion of the Filing Process
- Check return for completeness and accuracy
- Tax withholding, payment and refund options, and estimated tax payments
- Explaining and reviewing the tax return
Ethics and Circular 230
- Preparer's due diligence for accuracy of representations made to clients and the IRS
- Sanctions that may be imposed under Circular 230
- Rules governing authority to practice before the IRS
If you're looking for a practical guide to the principles behind Form 1040, look no further. The Wiley Tax Preparer is the most accessible guide to understanding how complex tax laws affect individual taxpayers.
THE TAX INSTITUTE AT H&R BLOCK is the company's independent research division, providing expert tax assistance and interpretation of tax law. The Tax Institute combines H&R Block's world-class training experience with the knowledge of the company's credentialed tax experts to create a unique resource based on extensive resources from nearly 60 years in business, 550 million tax returns prepared, and more than 100,000 tax professionals trained each year. For more information, visit www.hrblock.com/ why-hr-block/the-tax-institute.html
About the Author
The Tax Institute at H&R Block is the company's independent research division, providing expert tax assistance and interpretation of tax law. The Tax Institute combines H&R Block's world-class training experience with the knowledge of the company's credentialed tax experts to create a unique resource based on extensive resources from nearly 60 years in business, 550 million tax returns prepared, and more than 100,000 tax professionals trained each year. For more information, visit www.hrblock.com/ why-hr-block/the-tax-institute.html
