Preparing U.S. Tax Returns - Case Studies
Apply Your Knowledge from the Fundamentals US Course and Prepare Real world 1040 returns
In our Introductory US tax course here at Canadian Tax Academy, our associate instructor Mark Fehrman took us through the in's and out's of US tax legislation and the filing process of US personal 1040 tax returns. That course provided you with the fundamentals of the US tax system and tax return. Now, it's time to put that knowledge to the test by looking over the shoulder of a US tax accountant as he prepares the US 1040 tax returns for a number of examples and cases, starting from the basics and increasing in complexity.
Each of these examples and cases will provide you with the case information and tax slips so you can practice on your own and then check your return against that of the one prepared by the course instructor. In the video tutorials, Mark takes you through the tax return step-by-step and goes over his thought process and various other elements of the tax return a US tax preparer should be aware of.
PLEASE NOTE that currently, US tax student software is not provided in this course. It is your responsibility to obtain software if you wish to tackle the returns yourself. Otherwise, just watch, listen & learn as the instructor takes you through each of the following returns/cases:
Case #1 - Let's start from the basics and look at a typical tax return filed by millions. Reviewing and entering W-2's on the US 1040 tax return
Case #2 - In this case, we expand our knowledge and look at a typical couple and the options available for claiming credits and filing their personal tax returns jointly
Case #3 - Here we will look at the questions and steps in preparing a tax return for a student claiming tuition
Case #4 - Throwing a curveball into the mix from case #3 above, we look at an example where the parents wish to claim the tuition for amounts they have paid
Case #5 - In this example, we look at reporting self-employment income
Case #6 - A look at an investor with numerous rental properties including a property sale and a property purchase in the same year
Case #7 - A retired couple living in Buffalo with another residence in Florida.
Case #8 - In this example, we look at reporting for spousal and child support payments and also analyze the reporting requirements for reporting capital gains (short-term and long-term)
Case #9 - Situation where a client is filing their tax return late and some practical advice we can provide them as a practitioner when they don't like the fact they have a tax liability to pay
If you are a Canadian tax preparer looking to get into the business of preparing US tax returns or just want to understand how the tax system and tax return process differs in the US, then this is a great course to add to your knowledge arsenal.
Buckle up and let's get behind the desk of a mock US tax preparation practice.
Your Instructor
Mark Fehrman is a professional accountant and owner of KIS Tax Services Professional Corporation located in Fort Erie, Ontario.
Mark’s passion for the industry came from helping on his parent’s farm and learning the importance of numbers when making sound financial decisions.
After graduating from The University of Waterloo, Mark’s career led him to focus on Cross Border Taxation. Since Mark is a citizen of the United States, this area of tax is personal to him. It is his mission to inform the public on how to navigate the complexities of Cross Border Taxation.