This level covers key areas to ensure your young tax force is well prepared to begin their careers. We will focus on the areas of 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 be provided a broad range of practical tax instruction, including key issues surrounding the Individual taxation, new cost and repair regulations, S Corporation distributions, items affecting shareholder basis, Passive Activity Loss rules, and more. The Tax Staff Essentials courses establish a strong set of core skills necessary for junior staff growth.
▪ 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.
▪ Determine how to make a proper S corporation election.
▪ Determine 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, with prior retained earnings, 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.
▪ Execute efficient and meaningful research utilizing internet-based tax research services.
▪ Know which workpapers are appropriate for specific tax situations.
▪ Understand how to prepare an Accrual to Cash Conversion workpaper.
▪ Produce written communications that are positive and confident.
▪ Filing requirements and personal exemptions
▪ Gross income inclusions, exclusions, and adjustments
▪ Sole proprietorships and hobby loss rules
▪ Home offices, rental properties, and vacation homes
▪ Passive activities
▪ Net Investment Income Tax
▪ Medicare Payroll Tax
▪ S Corporation elections, terminations, and revocations
▪ S Corp distributions and shareholder basis adjustments
▪ S Corp allocations of profits and losses
▪ Capital Improvements and Repair
▪ Depreciation Methods and IRS tables
▪ Intangible Asset Amortization
▪ Online Tax Research methodology
▪ Authoritative Tax Hierarchy
▪ The power of professional language in business writing
▪ Book/Tax Adjustment documentation
▪ Tax Return support documentation