Designed for beginning staff,
Tax Staff Training, Level 1 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
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
Authoritative 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
This comprehensive, integrated curriculum provides tax training for four different experience levels:
Tax Section and PCPS Members Receive Additional Savings!
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or calling 800.634.6780 (option 1) for information on a discounted rate. Online Form NOTE: If you wish to enroll Tax Section members in your group purchase, you must speak with a representative to ensure that section discounts are applied.