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Individual Tax Fundamentals - Tax Staff Essentials, Level 1 - New Staff

Author/Moderator: Wendy Kravit, CPA, MBA
Publisher: AICPA
Availability: Online Access
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AICPA's Tax Staff Essentials, Level 1 – New Staff

This comprehensive, integrated curriculum provides tax training for four different experience levels – New Staff (Level 1), Experienced Staff (Level 2); Tax Senior/Supervisor (Level 3); and Tax Manager/ Director (Level 4).

This course is part of Tax Staff Training, Level 1 – New Staff which will cover key areas to ensure your young tax force is well prepared to begin their careers and establish a strong set of core skills necessary for junior staff growth.

This course will provide up-to-date information on critical tax issues, giving them an outstanding foundation in the federal tax arena for individuals. Ensure your clients receive the most current tax planning and tax-saving strategies for their tax plans.

Topics Discussed

  • 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
  • Travel and entertainment
  • Itemized deductions
  • Net Investment Income Tax
  • Medicare Payroll Tax
  • Tax credits

Learning Objectives
When you complete this course you will be able to:

  • Determine the filing status and interpret the filing requirements for individual taxpayers.
  • Identify items of gross income that must be reported in an individual income tax return.
  • Discuss alternatives in reporting in order to reduce the income tax for an individual.
  • Analyze and report the business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040.
  • Identify the specific rules in the event the business generates a loss in consecutive years ("hobby loss").
  • Interpret and report the rental activities on Schedule E to the Form 1040.
  • Identify the specific rules that apply under the "passive activity" rules.
  • Identify and calculate the business deduction for home office expenses and deduction limitations.
  • Apply the specific rules for the deductibility of travel and entertainment expenses as they relate to business or rental transactions in preparing income tax returns.
  • Determine if a change of filing status will improve the filing position for taxpayers based on the list of itemized deductions.
  • Gather the necessary information required to include the claim for the tax credit in the individual income tax return.

Prerequisite: None

Advanced Preparation: None

NASBA Field of Study: Taxes
Level: Basic
Recommended CPE Credit: 13
Individual Tax Fundamentals - Tax Staff Essentials, Level 1 - New Staff
CPE On-Demand , 2014
Product# 157580
Availability: Online Access 1 Year
For registered users only
AICPA Member:$329.00
Your Price:$389.00
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