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

Description

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.

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.
▪ 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.

Major Topics

▪ 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

Provider
AICPA
Course Level
Basic
CPE Field of Study
Tax
56
Who Should Attend
Designed for Beginning Staff . The Tax Staff Essentials courses establish a strong set of core skills necessary for junior staff growth. Tax Staff with 0-2 year experience.
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When
Available 24/7
Location
TBD
Total CPE Credits
55
Format
On-Demand

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$549.00

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$689.00
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Tax Staff Essentials – Level 1, New Staff (Complete Bundle)


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