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.
Filing requirements and personal exemptions
Gross income inclusions, exclusions, and adjustments
Sole proprietorships and hobby loss rules
Home offices, rental properties, and vacation homes
Travel and entertainment
Net Investment Income Tax
Medicare Payroll Tax
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.