Designed for beginning staff, Tax Staff Training, Level 1 - New Staff covers key areas to ensure your young tax force is well prepared to begin their careers. We will focus on the areas of Individual and S Corporation tax compliance; effective online tax research techniques; clear and precise workpaper documentation; professional written business communications. Your future tax professionals will be provided a broad range of practical tax instruction, including key issues surrounding the new cost and repair regulations, Medicare Payroll tax, Net Investment Income Tax, S Corporation distributions, items affecting shareholder basis, Passive Activity Loss rules, and more. The Tax Staff Essentials courses establish a strong set of core skills necessary for junior staff growth.
- 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
- Net Investment Income Tax
- Medicare Payroll Tax
- S Corporation elections, terminations, and revocations
- S Corp distributions and shareholder basis adjustments
- S Corp allocations of profits and losses
- Capital Improvements and Repair
- Depreciation Methods and IRS tables
- Intangible Asset Amortization
- Online Tax Research methodology
- Authorative Tax Hierarchy
- The power of professional language in business writing
- Book/Tax Adjustment documentation
- Tax Return support documentation
When you complete this course you will be able to:
- 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.
- Determine how to make a proper S corporation election.
- Determine 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, with prior retained earnings, 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.
- Execute efficient and meaningful research utilizing internet-based tax research services.
- Know which workpapers are appropriate for specific tax situations.
- Understand how to prepare an Accrual to Cash Conversion workpaper.
- Produce written communications that are positive and confident.
Prerequisite: Tax Staff with 0-1 year experience
Advanced Preparation: None