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.
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
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.
- 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 multistate 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.
The format for this self-study program is voiceover Powerpoint, audio and some video courses. You will receive an email from the AICPA with access information for this product.
Non-Member Price $705.00
Member Price $565.00