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Tax Staff Essentials – Level 2, Experienced Staff (Complete Bundle) 2020 August

Description

Junior and senior staff can establish a strong set of skills in order to work with greater independence and expand their role in your firm. Level 2 will broaden their tax knowledge in the areas of:

  • Multistate taxation
  • C Corporations
  • Accounting methods and periods
  • Choice of entity.

Key subject matters covered include Inventory Valuation and Property Transactions which will be essential for servicing more complex clients.

Format: Voiceover Powerpoint, Audio and some Video Courses

Learning Objectives
  • Identify the benefits of forming a corporation.
  • Understand reasonable compensation issues with respect to a Closely Held Business
  • Analyze the best retirement plan recommendation for a corporation.
  • Describe how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS.
  • Determine the tax basis of assets transferred to a partnership or LLC at formation
  • Explain the deferral of realized gain or loss on a like-kind property exchange
  • Recognize the potential impact of depreciation recapture
  • Explain the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios
  • Estimate the tax value of ending inventory under the chosen method
  • Understand and apply the basic rules for a change in accounting method
  • Prepare the Federal Form 3115 – Application for Change in Accounting Method and understand how and when this form should be filed by the taxpayer
  • Understand the key principles of multi-state taxation
    Distinguish differences between apportionment and allocation of income
  • Develop basic approaches to state income tax planning with emphasis on the latest developments in economic nexus
Major Topics
  • New individual income tax rates
  • New corporate tax rates
  • New pass-through income rules
  • The qualified business income (QBI) deduction
  • New rules for certain credits and deductions
  • C Corporation formation and Section 1244 Stock
  • Corporate net operating losses
  • Salaries, employee benefits, and retirement plans
  • Taxation of property transactions under IRC sections 1231, 1245, 1250
  • LLC formation and Check-the-Box rules
  • Partnership and LLC profit and loss allocations
  • Multistate Income apportionment and allocation
  • Nexus, UDITPA, MTC
  • Section 263A, Inventory methods
  • Choosing an Accounting Method
  • Accounting Method changes
Provider
AICPA - Durham
Course Level
Intermediate
CPE Field of Study
Tax
57
Who Should Attend

Tax Staff Essentials, Level 2 is designed for junior tax staff who want to take on a wider variety of firm engagements and establish a supervisory role within the firm. Those with 1 to 3 years of tax experience.

Prerequisites

Tax Staff with 1-3 years of experience

Advanced Preparation

None.

Purchase Now
When
Available 24/7
Location
Online
Total CPE Credits
57
Format
On-Demand

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Tax Staff Essentials – Level 2, Experienced Staff (Complete Bundle) 2020 August


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