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Tax Staff Essentials – Level 1, New Staff (Complete Bundle) 2021

Description

This series covers key areas to ensure your young tax professionals are well prepared to begin their careers and support your firm. They’ll learn about:

Individual, partnership and S corporation tax compliance
Effective online tax research techniques
Clear and precise workpaper documentation
Effective professional business communications
Your future tax professionals will also receive a broad range of practical tax instruction, including key issues surrounding:

Individual taxation
New cost and repair regulations
S corporation distributions
Items affecting shareholder basis
Passive activity loss rules, and more

Learning Objectives

▪ Analyze and report the business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040.
▪ Interpret and report the rental activities on Schedule E to the Form 1040.
▪ Identify the specific rules that apply under the “passive activity” rules.
▪ Determine if a change of filing status will improve the filing position for taxpayers based on the list of itemized deductions.
▪ Determine when an S Corporation may be advantageous for a business, how to make a proper S corporation election, and the income or loss that passes through to the shareholder.
▪ Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder.
▪ Understand the impact of converting a C Corporation into an S Corporation.
▪ Distinguish between deductible repairs and capitalized improvements under new tax regulations.
▪ Calculate the initial tax basis and adjusted tax basis of business property.
▪ Determine the tax basis of self-constructed assets.

Major Topics
  • Analyze and report the business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040.
  • Interpret and report the rental activities on Schedule E to the Form 1040.
  • Identify the specific rules that apply under the “passive activity” rules.
  • Determine if a change of filing status will improve the filing position for taxpayers based on the list of itemized deductions.
  • Determine when an S Corporation may be advantageous for a business, how to make a proper election, and the income/loss that passes through to the shareholder.
  • Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder.
  • Understand the impact of converting a C Corporation into an S Corporation.
  • Distinguish between deductible repairs and capitalized improvements under new tax regulations.
  • Calculate the initial tax basis and adjusted tax basis of business property.
  • Determine the tax basis of self-constructed assets.
Provider
AICPA - Durham
Course Level
Basic
CPE Field of Study
Tax
57.5
Who Should Attend

Junior accounting and tax professionals.

Prerequisites

Tax Staff with 0-2 year experience.

Advanced Preparation

None

Purchase Now
When
Available 24/7
Location
Online
Total CPE Credits
57.5
Format
On-Demand

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Tax Staff Essentials – Level 1, New Staff (Complete Bundle) 2021


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