Tax Staff Essentials - Level 1, New Staff

Available Until Sunday, April 30, 2023

Online

57.50 Credits

Member Price $565.00

Non-Member Price $705.00

Overview

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

Highlights

New rules for certain credits, deductions and qualified business income (QBI) deduction Filing requirements and personal exemptions Gross income inclusions, exclusions, and adjustments Sole proprietorships, hobby loss rules and passive activities Home offices, rental properties and vacation homes Pass-through entity basis calculations Pass-through entity distributions Capital improvements and repair Depreciation methods and IRS tables Intangible asset amortization Online tax research methodology and authoritative tax hierarchy The power of professional language in business writing Tax return support documentation

Designed For

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.

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.

Notice

The format for this self-study program is video. You will receive an email from the AICPA with access information for this product.

Non-Member Price $705.00

Member Price $565.00